Savings Certificates in EGP Cut as Egypt’s Two Largest Banks Lower Yields

Egypt’s two largest banks have announced cuts to yields on EGP savings certificates following the Central Bank of Egypt’s decision to reduce key interest rates by 1%, aligning banking products with current monetary policy.

The National Bank of Egypt lowered the yield on its three-year fixed platinum certificate to 16% from 17%, while adjusting step-down monthly and annual certificates to reflect declining returns over the investment term.

Bank Misr Adjustments

Bank Misr reduced returns on its three-year “Ibn Misr” declining certificate to 20.5% in the first year, 16.25% in the second, and 12.25% in the third, and introduced an annual declining option starting at 22%.

The “Al-Qemma” three-year fixed monthly certificate was also cut to 16%, with certificates available through branches and digital channels.

This move highlights a broader repricing of EGP savings certificates in line with monetary conditions while maintaining a range of options for savers.