By: Islam Fadl

Cairo – Mubasher: The National Bank of Egypt (NBE) decided to cut interest rates on its variable-rate certificates by 3% following the interest rate reduction, the lender’s vice chairman Yehia Aboul Fotouh told Mubasher.

The bank’s assets and liabilities committee (ALCO) will meet this week to review interest rates on all its savings schemes, including platinum certificates, he added in a phone interview on Monday.

It is noteworthy that the CBE's Monetary Policy Committee (MPC) announced a surprise interest rate cut of 300 basis points (bps) during an emergency meeting.