We publish new interest rates on certificates at NCB

Akhbar Al-Youm publishes the new interest rates of all National Bank of Egypt certificates, deposits and savings accounts in the local currency, after reduction by the bank.

Yahya Aboul Fotouh, Vice President of the National Bank of Egypt, told Akhbar Al-Youm that the Liabilities and Assets Committee of the National Bank (ALCO) will hold its meeting to adjust the rates Interest on deposits and savings accounts at the end of this week.

The National Bank of Egypt decided Thursday to reduce interest rates on fixed and variable certificates from 1% to 1.5%, following the announcement of the Bank's decision Egyptian central to reduce interest rates on deposits and loans by 1.5%.

The Vice-President of the National Bank, in statements prior to "Akhbar Al-Youm", indicated that the interest rates applied to fixed interest certificates and spent monthly for a period of 3 years were fell to 14%, against 15%, and had lowered the interest rates of certificates The term is 3 years at 14.25% against 15.25%.

He added that the interest rates on variable-yield certificates have been reduced by 1.5% and that their return is used every three months and every three years to fall to 14.5%, compared to 16%. %.

The National Investment Bank, announced the reduction of interest rates on the certificate offered by the branches of the National Bank for a year and spent its monthly return, down 1% to fall to 14 , 75%, against 15.75% before the reduction.

Interest rates on certificates, deposits and savings accounts are one of the most important objectives of banks in attracting customers' savings, which vary from bank to bank (these rates vary according to the rates announced by the Central Bank, ranging from 0.5% to 1.5%). Or less) depending on each bank's policy, the type of client you are targeting, the liquidity levels each bank needs, and the financial burden of operating costs.

At its meeting on Thursday, August 22, 2019, the Monetary Policy Committee of the Central Bank of Egypt, chaired by Tarek Amer, decided to reduce the deposit and lending rate by 150 basis points from 1.5 %.

The central bank has decided to lower the overnight interest rate and the main transaction rate to 14.25%, 15.25% and 14.75% respectively.

The MPC also decided to reduce the credit and the discount rate by 150 basis points and 1.5% to 14.75%.