CAIRO, Banque Misr will raise interest rates on its three-year fixed-rate Al Qimma savings certificates by one percentage point from Sunday, November 8, following the Central Bank of Egypt’s decision to tighten monetary policy.
Under the revised rates, certificates offering monthly interest payments will yield 18.75% annually, up from 17.75%, while those paying quarterly will offer 18.85%, compared with 17.85% previously.
The bank said on Thursday that the new rates would be available through its nationwide branch network and electronic banking channels.
The adjustment follows the central bank’s October 29 decision to raise its benchmark interest rates by 100 basis points, taking overnight deposit and lending rates to 20% and 21%, respectively, to contain inflationary pressures.
The National Bank of Egypt has announced identical increases on its fixed-rate Platinum Certificates, also effective November 8.
The coordinated moves by Egypt’s two major state-owned banks strengthen returns for savers while signalling higher funding costs for lenders as monetary policy remains restrictive.
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