Arab Finance: State-run banks the National Bank of Egypt (NBE) and Banque Misr have started selling a new three-year certificate of deposit (CD) at an annual interest rate of 22% to be paid in the first year, 18% for the second year, and 16% for the third one, both lenders announced on April 2^nd.

The lenders also offered another three-year CD with a fixed annual interest rate of 19%

The two banks decided to issue the new CDs after the CBE raised interest rates by 200 basis points in its second meeting during 2023.

Amr El Alfy, Head of Research at Prime Financial, told Asharq Business that he believes the new certificates foreshadow a decline in interest rates starting from 2024.

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