The Commercial International Bank of Egypt (CIB) has decided to raise the interest rates on its variable-return savings certificates, according to the following details:
- Daily Return Certificate: The annual interest rate has been raised to 20.25%, with a minimum return rate of 17.25%.
- Monthly Return Certificate: The annual interest rate has been raised to 20.50%, with a minimum return rate of 17.50%.
It is worth noting that the Monetary Policy Committee of the Central Bank of Egypt (CBE) decided last Thursday to raise key interest rates by 100 basis points. Accordingly, the overnight deposit rate, overnight lending rate, and the rate of the Central Bank’s main operation were raised to 20.0%, 21.0%, and 20.5%, respectively. The discount rate was also raised to 20.5%.
This decision comes amid an unfavorable external environment and heightened uncertainty, and aims to anchor expectations and maintain the downward trajectory of inflation.
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