The National Bank of Egypt (NBE) and Banque Misr announced interest rate cuts of 1% on their Egyptian pound-denominated savings certificates, effective Tuesday, May 27, 2025. Both banks also suspended the issuance of US dollar certificates that offered returns in Egyptian pounds.
Mohamed El-Etreby, CEO of NBE, said the bank’s Assets and Liabilities Committee (ALCO) met on Monday and approved a 1% reduction in the monthly yield on its flagship platinum certificates. The rate cut also applies to its three-year platinum certificates with decreasing returns, across all payout frequencies.
Additionally, NBE has suspended the issuance of US dollar-denominated certificates that paid interest in EGP, with the changes applying across all branches and digital platforms.
Banque Misr’s ALCO committee implemented a similar 1% rate cut on its EGP savings certificates and announced the discontinuation of its US dollar-denominated “Al-Qimma” certificates, which previously offered upfront EGP payouts.
The rate adjustments come in response to the Central Bank of Egypt’s (CBE) recent decision to cut its key policy rates by 100 basis points. As of May 2025, the deposit rate stands at 24%, the lending rate at 25%, and both the credit and discount rate and the main operation rate at 24.5%. These benchmarks guide short-term interest trends in Egypt’s financial market.
In a statement, the CBE attributed the rate cut to updated economic data and revised forecasts since its last meeting on April 17.
Following the CBE’s move, Banque Misr also reduced the interest rate on its three-year “Al-Qimma” EGP certificate by 1 percentage point to 18.5%. Its “Ibn Misr” certificate saw similar adjustments, with monthly returns now set at 23% in the first year, 19.5% in the second, and 16% in the third. Quarterly returns were adjusted to 24%, 20%, and 16%, respectively, while annual payouts now stand at 27%, 22%, and 17% over the three-year term.
The bank also trimmed returns on its variable-rate savings products as of May 25. This includes the “Youmaty” daily-yield certificate (a three-year product for individuals), the “Super Cash” current account with daily returns, and its corporate daily-yield current account.
