Arab Finance: The Assets and Liabilities Committee (ALCO) of Banque Misr decided to reduce the interest rates on its certificates of deposit (CDs) in both Egyptian pounds and US dollars, according to a statement.

Effective from September 1^st, the annual return on the fixed-rate “Al-Qimma” certificate will be 17%, instead of 18.5%.

Meanwhile, the monthly return on the three-year “Ibn Misr” certificate has been reduced to 20.5% in the first year, 17% in the second year, and 13.5% in the third year.

For dollar-denominated CDs, the three-year fixed-rate certificates will offer a monthly return of 4.75%, instead of 5.15%, while the quarterly, semi-annual, and annual returns have been lowered to 4.77%, 4.80%, and 4.85%, respectively.

Additionally, the five-year USD certificates will have a monthly interest rate of 4.85%. Their quarterly, semi-annual, and annual return options will stand at 4.87%, 4.90%, and 4.95%, respectively.

The National Bank of Egypt (NBE) did the same move following the Central Bank of Egypt’s (CBE) decision to cut interest rates by 200 basis points (bps) during its August 28th meeting.

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