Starting today, Al Baraka Bank announced the launch of a new certificate for a period of 2 years, with the highest monthly return, not less than 14%, and the minimum certificate starting from 1,000 pounds and its multiples.
Al Baraka Bank Certificate to meet the needs of customers:
Hazem Hegazy, CEO and Vice Chairman of the Board of Directors of Al Baraka Bank, revealed that the new certificate reflects the bank’s ability to compete in the market, by providing products to meet the needs of a large number of customers.
In a related context, the Central Bank of Egypt approved, at its last meeting, a decision to increase the interest rate on lending and deposits by 2%, in order to face inflation in the local and global economic market as well.
The committee decided to raise the interest rate on overnight lending to 12.25% from 10.25 percent, and the overnight deposit rate to 11.2% from 9.25%, and the credit and discount rate was raised to 11.75%.