By: Islam Fadl

Cairo – Mubasher: The National Bank of Egypt (NBE) has decided to reduce interest rates on personal loans and Murabaha by 1% for all clients, the bank’s vice chairman Yehia Aboul Fotouh told Mubasher.

This decision in in line with the lender’s efforts to attract a new segment of customers in the coming period as part of its expansion plan, Aboul Fotouh noted.

On 16 January, the Central Bank of Egypt (CBE) decided to maintain interest rates unchanged.

The overnight deposit rate and the overnight lending rate were kept steady at 12.25% and 13.25%, respectively, while the rate of the main operation remained at 12.75%.

The CBE’s Monetary Policy Committee (MPC) affirmed that the monetary easing cycle will continue as long as inflationary pressures are contained.

Egypt has set a target inflation of 9% plus or minus 3 percentage points by the end of the fourth quarter of 2020.  

In early January, NBE decided to lower interest rates on its three-year platinum saving certificate with a monthly return by 1% to 12% from 13% and on its three-year platinum saving certificate with a quarterly return to 12.25% from 13.25%.