Arab Finance: Banque Misr started selling a new three-year certificate of deposit (CD), with declining annual interest rates of 30% for the first year of issuance, 25% for the second year, and 20% for the third year, as per a statement.

Monthly returns will be 26% for the first year, 22.5% for the second year, and 19% for the third year.

The CDs will be available in all branches starting March 6th.

The CDs are issued to Egyptians and foreigners with a minimum purchase amount of EGP 1,000.

The bank has also adjusted the annual interest rates on Al Qimma CD to become 21.5% instead of 19%.

On the same day, the National Bank of Egypt (NBE) issued a savings certificate with the same return.

This came after the Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) increased the interest rates by 600 basis points (bps) at its special meeting on March 6^th.

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