15 banks in Egypt announce an interest high rate
The Central Bank decided to raise the interest rate by 2% in an extraordinary meeting on October 27.
Shrouq
15 banks announced a hike in the interest rate on 3-year fixed-return certificates, since the central bank’s last decision to raise the interest rate on October 27.
The Central Bank decided to raise the interest rate by 2% in an extraordinary meeting on October 27, the same meeting in which it decided to liberalize the Egyptian pound’s exchange rate against other foreign currencies, so that the central bank’s interest rate ranged from 13.25% for deposits and 14.25% for lending.
Each bank determines the interest rate on the certificates based on various studies, according to its cost of funds, target customers, liquidity levels, and the movements of its competing banks.
15 banks raise the interest rate on triple savings certificates
1. The United Bank
2. The National Bank of Egypt
3. Banque Misr
4. Cairo Bank
5. QNB ALAHLI Bank
6. Arab African International Bank
7. Al Baraka Bank
8. SAIB Bank
9. Nasser Social Bank
10. Agricultural Bank
11. Emirates NBD Bank
12. Al Ahli Bank of Kuwait
13. Arab Bank
14. The Commercial International Bank (CIB).
15. Bank of Alexandria
