Ahmed Kamel – Egypt Daily News
The National Bank of Egypt (NBE) has announced a reduction in interest rates on its popular platinum savings certificates, effective Monday, September 1. The move comes in response to the Central Bank of Egypt’s recent decision to cut its benchmark interest rates by 2%, bringing the deposit rate down to 22% and the lending rate to 23%. This marks the third interest rate cut by the Central Bank in 2025.
Mohamed El-Etreby, CEO of the National Bank of Egypt, confirmed that the bank’s Asset and Liability Committee (ALCO) convened earlier on Sunday and agreed to revise the returns on various savings instruments, particularly the platinum certificates.
The adjustments include the following:
- The interest rate on the three-year fixed-rate platinum certificate with monthly returns has been reduced to 17%, down from 18.5%.
- The tiered monthly-yield platinum certificate now offers 21% in the first year, 16.75% in the second, and 13.5% in the third, compared to the previous rates of 23%, 19%, and 15% respectively.
- The tiered annual-yield platinum certificate will now offer 23% in the first year, 18.5% in the second, and 14% in the third, down from earlier rates of 27%, 22%, and 17%.
These reductions reflect a broader shift in the banking sector following the Central Bank’s monetary policy adjustments, which aim to maintain inflation targets while encouraging investment and economic activity. The central bank’s recent 2% rate cut is part of a strategy to manage inflationary pressures and support sustainable growth in a challenging economic environment.
The National Bank’s move is expected to influence the broader Egyptian banking market, as other financial institutions may follow suit with similar revisions to their savings and investment products. Investors and savers are now reassessing their portfolios in light of the new rates, especially those relying on high-yield fixed-income products as a hedge against inflation.
