Banque Misr surprises its customers.. A savings certificate with 25% interest for a year
Banque Misr offered a one-year savings certificate, with 25% interest, to be spent at the end of the period, or 22.5% interest, to be spent monthly. These returns on savings certificates are the highest in the history of Egypt.
Shrouq
Banque Misr offered a one-year savings certificate with 25% interest, which will be spent at the end of the period, or 22.5% interest, which will be spent monthly, and it has been provided since the beginning of the day in all the bank’s branches and all the bank’s electronic channels.
Raise interest
The Central Bank raised the interest rate by 3% on deposits and lending at the last meeting of the Monetary Policy Committee last December, to curb inflation (the pace of price increases), thus exceeding market expectations.
The interest rate at the Central Bank (Coridor) rose after the interest rate was increased to 16.25% on deposits and 17.25% on lending.
With this decision, the Central Bank raised interest rates 4 times during the past year, by 8%.
Reduce inflation
The Central Bank held two extraordinary meetings during the past year, the first on March 21 with 1% and the second on October 27 with 2%.
The interest rate decision is one of the monetary policy tools to absorb inflationary pressures, after the core inflation rate rose during last November to 21.5%, according to CBS data, while the annual urban inflation rate rose to 18.7%, according to CBS data.
