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9:06 pm
Thursday 24 December 2020
I wrote – Manal Al-Masry:
The Assets and Liabilities Committee of the National Bank of Egypt decided today, Thursday, to reduce the annual profitability of its platinum certificate (three years), from the issuance that occurs after the completion of work today, Thursday, December 24, 2020, to become 11% per year for certificates whose return is paid monthly instead of 12% per year.
It also decided to stop issuing the platinum certificate (three years), which used to pay back every three months.
In the event that the client previously opted for the automatic renewal of the certificate with a quarterly refund, its value will be renewed at expiration in the platinum certificate with a periodic monthly return.
The bank stated that the existing certificates will be maintained at the applicable rate until their expiration date.
The bank affirmed that the decision is made in a context of improved economic performance and low inflation levels, with the objective that the bank maintains depositors while maintaining the highest yield on their savings.
The National Bank also decided to continue the floating rate platinum certificate without modification, in light of the decision of the Monetary Policy Committee of the Central Bank of Egypt today to keep deposit and loan rates unchanged.
The central bank today decided to set interest rates at 8.25% on deposits and 9.25% on loans.
