Egypt Daily News – Banque Misr has announced its decision to reduce the interest rate on its three-year dollar savings certificates, named “Al-Qimma” and “Elite,” by 0.5%. This reduction applies only to new certificates issued from this date onward.
Effective Date of the New Interest Rates on Dollar Certificates
The bank stated on its official website that the new interest rates for dollar certificates came into effect across all Banque Misr branches starting Monday, March 17, 2025.
Banque Misr noted that the annual interest rate on the “Al-Qimma” dollar certificate has been reduced to 7.5% from 8%, while the interest rate on the “Elite” dollar certificate has decreased to 5.5% annually from 6%.
Details of the Dollar Certificates
The “Al-Qimma” certificate is a nominal certificate issued for both Egyptians and foreigners, with a minimum denomination of $1,000 and its multiples. The interest is paid upfront for the three-year period at a cumulative rate of 22.5% in Egyptian pounds.
The issuance date of the “Al-Qimma” dollar certificate begins on the next business day after the deposit at Banque Misr. It can be redeemed in U.S. dollars according to the applicable terms and conditions.
Details of the “Elite” Certificate
The “Elite” certificate is also a nominal certificate issued with a minimum denomination of $1,000 and its multiples. Its interest is paid every three months in U.S. dollars.
How to Purchase “Al-Qimma” and “Elite” Certificates
Holders of these dollar certificates can borrow in Egyptian pounds up to 50% of their nominal value, with a maximum limit of 10 million EGP, and redeem them in U.S. dollars under the same conditions.
Banque Misr stated that the certificates can be purchased through its website, the BM Online internet and mobile banking service, as well as at its branches inside and outside Egypt and through ATMs.
The bank also noted that dollar certificates can be redeemed after six months from the issuance date, following the bank’s redemption policies.
Banque Misr Launches “Youmati” Certificate with a Variable 27% Interest Rate
Banque Misr recently announced the launch of the new “Youmati” savings certificate, offering a variable daily interest rate of up to 27% annually. This move follows the Central Bank’s decision to keep interest rates unchanged.
The “Youmati” certificate is available exclusively for individuals, both Egyptians and foreigners, with a three-year term. The minimum issuance amount is 1,000 EGP and its multiples.
