Cairo – Mubasher: The National Bank of Egypt (NBE) and Banque Misr decided to raise interest rates on savings accounts and deposits from 0.5% to 1% and keeping the prices of high yield saving certificates at current levels.

Banque Misr raised the interest rates by 1% on all deposits and savings accounts, Akef El Maghraby, Banque Misr’s vice chairman said.

The Banque’s assets and liabilities committee approved to stabilise interest rates on long-term savings certificates at current levels between 16% and 20%, El Maghraby added.

NBE’s assets and liabilities committee decided to raise interest rates on all types of savings accounts by 0.5%, staring from August 2017, Yehia Abu ElFotouh, NBE’s deputy chairman said.

Abu ElFotouh told Mubasher that the committee is going to raise the interest rate by 0.75% on deposits of less than 6 months, while remaining the interest rates for long-term savings certificates unchanged.

The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) in the first week of July raised interest rates by 2% or 200 basis points (bps).

The hike involved increasing overnight deposit interest rate to 18.75%, and overnight lending to 19.75%, according to a statement.