National Bank of Egypt (NBE) – Wikimedia Commons
CAIRO - 4 January 2022: Banque Misr and the National Bank of Egypt (NBE) issued on Wednesday a savings certificate with an annual return of 25 percent for a period of one year, in light of the high inflation rates.
The return of the certificate is paid at 25 percent interest at the end of the term, or at a monthly rate of 22.5 percent.
Early last year 2022, the NBE and Banque Misr offered a savings certificate with an 18 percent return, coinciding with the onset of the Russian-Ukrainian war crisis.
The issuance of savings certificates aims to encourage citizens to save their money in banks, in order to control high inflation rates.
The core inflation rate in Egypt recorded its highest level since 2017 in November, at 21.5 percent, compared to 19 percent in October, thus completing the upward trend that began almost a year ago, according to Central Bank of Egypt data.
Accordingly, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE), at its last meeting in December 2022, raised interest rates by 3 percent, bringing interest rates to 8 percent in 2022.