National Bank of Egypt raises certificate yields
The bank increased annual rates by one percentage point on Platinum certificates to 18.75% and 18.85%.
The National Bank of Egypt (NBE) has increased the annual yield on its fixed-rate Platinum certificates of deposit by one percentage point. The new rate for monthly payouts is 18.75 percent, up from 17.75 percent, and for quarterly payouts it is 18.85 percent, up from 17.85 percent. NBE CEO Mohamed al-Etreby announced the Asset and Liability Committee approved the adjustment, which is effective Sunday, November 8.
The higher yields are available on Platinum certificates with monthly interest payouts, now yielding LE 18,750 annually on an LE 100,000 investment, and on those with quarterly payouts, yielding LE 18,850 annually on the same investment. Certificates with quarterly payouts offer LE 100 more per LE 100,000 annually, while monthly payouts provide more frequent access to returns.
This move follows the Central Bank of Egypt’s Monetary Policy Committee decision on October 29 to raise key interest rates by 100 basis points. The CBE increased its overnight deposit rate to 20 percent, its lending rate to 21 percent, and its main operation and discount rates to 20.5 percent.
Why it mattersEgyptian savers will earn more interest on their Platinum certificates of deposit.