Banks offer a savings certificate with an interest of 20%.. full details

Banking sources revealed the fact that banks are offering a savings certificate with an interest rate of 20, during the coming period, in the National Bank of Egypt and Banque Misr, and this is in the context of facing inflation.

Those sources indicated that the news of banks offering a savings certificate with an interest rate of 20% is not true, especially in conjunction with the continuation of offering an 18% certificate at the National Bank and Banque Misr.

It is noteworthy that the testimony of 18% was presented, last March, after the Central Bank decided to raise interest rates by 1% for the first time in 5 years, in an exceptional meeting of the Monetary Policy Committee to control inflation.

The sources expected that the National Bank and Banque Misr would issue a triple savings certificate with an interest rate of less than 18%, according to what would result in the next meeting of the Central Bank in order to settle the interest rate.

The central bank will meet next Thursday, in order to discuss the interest rate at the Monetary Policy Committee’s meeting, and expectations are increasing about the bank’s decision to raise the interest rate, especially after the US Federal Reserve’s decision.

Sahar El-Damaty, a banking expert and former Vice President of Banque Misr, explained that offering a new certificate with a high interest is unlikely at the present time, especially with the continuation of the 18% high-return certificate.

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