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The National Bank of Egypt (NBE), the largest public bank in the market, has decided to reduce the rate of return of the triple platinum certificate from 1% to 14% and 14,25% instead of 15% and 15.25%.
Yahya Abul Fotouh, senior vice president of the bank, said the bank had decided to reduce the yield of the variable return certificates by 1.5 percent, from 16 percent to 14.5 percent.
The National Bank of Egypt (NBE) is the first bank to decide to move its interest rates, following the decision taken by the Monetary Policy Committee of the Central Bank of Egypt during its Thursday night meeting to reduce by 150 basis points the deposit and lending rate as well as the main transaction rate of the Central Bank. 14.75%, according to "Egyptian Today".
The committee also decided to reduce the credit and the discount rate by 150 basis points to 14.75%.
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