10:21 AM
Wednesday, March 6, 2024
Written by Manal Al-Masry:
The National Bank of Egypt has introduced a new, three-year, conflicting certificate at an annual rate of 30% for the first year, 25% for the second year, and 20% for the third year. The return is paid on an annual basis. The rate of return on the three-year decreasing platinum rate was also adjusted with the monthly return disbursement period to become an annual rate of 26% for the first year, 22% for the second year, and 18% for the third year for new issues from today, March 6, 2024.
The Monetary Policy Committee decided at its extraordinary meeting to raise the overnight deposit and lending rates and the central bank’s main operation rate by 600 basis points to reach 27.25%, 28.25% and 27.75%, respectively. The credit and discount rates were also raised by 600 basis points to reach 27.75%.
The National Bank said in a statement that the Alco Committee decided to amend the return rate on the three-year platinum certificate with a fixed return to become 21.5% annually for new issues from today, March 6, 2024, instead of 19% with the monthly return disbursement period.
With the continuation of the platinum certificates for a period of one year, with an annual return of 27%, which is disbursed at the end of the period, and 23.5%, the return is disbursed monthly, and a new exchange periodicity was introduced at an annual return rate of 23%, with a daily interest disbursement periodicity.
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