Egypt’s banking sector is in turmoil with a recent decision by the Central Bank of Egypt to increase interest rates. In connection with this decision, the National Bank of Egypt (NBE) adjusted the rate of return on its Platinum Savings Certificate with a variable return.
Thus, the previous interest rate of 19.5% was increased to 21.5%, an increase of two percent. The Platinum certificate with variable return is most closely linked to the ECB decision due to its link with the ECB’s deposit rate.
The Platinum certificate with variable return offers a savings period of up to three years, with a minimum purchase amount of LE1,000. Interest accrues from the business day following purchase and the return is paid monthly.
In addition to the certificate with variable return, the NBE also offers the Platinum Step Down certificate. The latter offers a savings period of up to three years, with a constant monthly rate. Interest increases by 22% in the first year, then gradually decreases to 18% in the second year and 16% in the third year.
Finally, NBE also offers the Egyptian Aman certificate, which requires a minimum purchase amount of LE500 and offers a return of 13% over a three-year period. This certificate is characterized by the absence of the possibility of borrowing and the prohibition of issuing a credit card linked to it.
This revision of interest rates and NBE savings certificates reflects the ECB’s desire to stimulate savings and encourage investments. NBE clients can thus benefit from more attractive returns on their savings, while contributing to Egypt’s economic development.
The National Bank of Egypt therefore continues to innovate to meet the needs of its customers and maintain its leading position in the Egyptian banking market. The savings certificates offered offer interesting opportunities for those who wish to secure their savings while benefiting from competitive returns. It is therefore a good idea to check with the NBE to find out more about the different savings options available. In conclusion, the Egyptian banking sector offers great savings and investment opportunities, and it is important to stay informed of the latest developments to optimize your finances.