In an automatic move responding to the Central Bank of Egypt’s reduction of key interest rates, banks operating in Egypt have decided to decrease interest rates on variable-yield certificates by 2.25%.
The Monetary Policy Committee of the Central Bank “ALICO” announced a 225 basis point cut in the overnight deposit and lending rates, as well as the central bank’s main operation rate, bringing them to 25.00%, 26.00%, and 25.50%, respectively. The committee also decided to reduce the discount rate and the credit rate by 225 basis points to reach 25.50%.
The Central Bank’s decision serves as a direct signal for banks to reprice their variable-yield savings instruments, most notably “variable-yield certificates” issued by banks such as the National Bank of Egypt and Banque Misr.
Many banks operating in Egypt offer variable-yield savings certificates, with the most well-known being those issued by the National Bank of Egypt and Banque Misr, in addition to a large number of variable-yield loan products.
Egyptian banks cut interest rates on variable certificates following Central Bank move Egypt Independent.
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