01:08 PM
Thursday 19 May 2022
I wrote – Manal Al-Masry:
Banking and economic circles are awaiting the Central Bank’s decision today, Thursday, regarding interest rates, and then the decisions of banks operating in Egypt regarding the prices of savings vessels and the certificates they issue.
Today’s meeting comes after the Central Bank raised interest rates by 1% during an exceptional meeting on March 21, which coincided with the announcement of the Banque Misr and Al-Ahly Bank to offer a high-return savings certificate of 18%.
After the latest hike, the banks did not move the interest rates on the triple certificates issued by them, except for two banks: HSBC, which raised the interest rate on the triple certificate by 3.5% last month, and Abu Dhabi Commercial, which decided to offer a triple certificate for the first time in years to provide a rewarding return for its customers.
In the following lines, Masrawy provides details of the highest return offered on triple certificates (3-year term) with a fixed return in 11 banks, before the expected decision from the Central today:
– HSBC Bank: a certificate with an annual interest rate of 13.5%, with a monthly periodicity for disbursing the interest.
– Abu Dhabi Commercial Bank Egypt: It issues a certificate in the name of “My Money” with annual interest ranging between 11.5% for the monthly interest disbursement period, 11.6% for the quarterly interest disbursement period, and 11.75% for the semi-annual interest disbursement periodic.
Al-Nabek also offers another triple certificate under the name “Excellence” at an interest rate of 12% annually and the return on it is paid monthly, provided that the minimum purchase amount is not less than one million pounds.
– Med Bank: a certificate with an interest of 11.25% annually, and the return is paid in advance on a monthly basis.
Eight other banks also offer a 3-year certificate with a fixed return of 11% annually and paid monthly. These are Al-Ahly, Egypt, Arab Investment, Mashreq, Al-Ahly Kuwaiti, Real Estate, Agricultural, and Nasser Social Banks.