Egypt Daily News – Mohamed El-Etreby, the CEO of the National Bank of Egypt, revealed that his bank raised 35 billion Egyptian pounds from the sale of high-yield savings certificates within just a few days before the Egyptian Central Bank reduced interest rates.
The Monetary Policy Committee decided in its meeting on April 17th to reduce the deposit and lending interest rates by about 2.25%, bringing them to 25% and 26%, respectively. Speaking on the sidelines of the Arab Banking Union conference today, he stated that the interest rate cut was a correct decision because it reduces costs for investors. He further explained that interest rates remain attractive to foreign investors even after the reduction.
The Chairman of the National Bank also noted that the continuation of interest rate cuts is linked to the stability of inflation rates in the coming period.
The National Bank of Egypt had also issued a decision to stop issuing annual platinum certificates in all their terms starting Sunday, April 27, 2025. Additionally, it decided to reduce the yield on the three-year platinum certificates by 2% across all their terms.
