Report by: Ayat Mostafa
Mohamed El-Etreby, Chairman of the National Bank of Egypt and Chairman of the Federation of Egyptian Banks, confirmed that the final decision regarding the continuation of fixed-rate savings certificates offering 23.5% and 27% returns will be made based on the outcome of the Central Bank of Egypt’s Monetary Policy Committee meeting, scheduled for Thursday, April 18, 2025.
Speaking in a phone interview with TV presenter Lamis El Hadidi on her show “Kalema Akhira” aired on ON channel, El-Etreby stated that the National Bank of Egypt is closely monitoring economic developments, particularly inflation rates and expectations of future increases in fuel prices. He added, “It is too early to make any decisions. We are waiting to see the Central Bank’s resolutions this week.”
He noted that the bank’s current certificates, which offer a 23.5% monthly return or a 27% annual return, are still available, along with the three-year certificate that provides cumulative returns of 30% in the first year, 25% in the second, and 20% in the third. He emphasized that such interest rates are unlikely to be repeated in the near future.
El-Etreby also pointed out that some banks have already begun to lower interest rates on certain savings products, which has led many depositors to flock to the high-yield certificates offered by the National Bank of Egypt, fearing potential cuts following the upcoming monetary policy meeting.
It is worth noting that the Central Bank of Egypt recently raised interest rates by 600 basis points in one move, aiming to curb inflation and stabilize the exchange rate. This move has prompted banks to issue savings certificates with unprecedented returns in recent months.
