Arab Finance: Banque Misr and the National Bank of Egypt (NBE) cut interest rates on their three-year term certificates of deposit (CDs) in US dollars by 0.5%, effective March 17th, according to a statement.
In this regard, Banque Misr’s Al Qema and Elite savings certificates offer annual returns of 7.5% and 5.5%, respectively.
Meanwhile, the annual returns of NBE’s Al Ahly Fawran and Al Ahly Plus certificates stand at 7.5% and 5.5%, respectively.
In October 2024, the two lenders reduced interest rates by 0.5% as well.