By: Islam Fadl

Cairo – Mubasher: The National Bank of Egypt (NBE) and Banque Misr decided to keep interest rates on their fixed-rate certificates unchanged despite the Central Bank of Egypt’s (CBE) interest rate cut decision.

NBE’s assets and liabilities committee (ALCO) decided to leave interest rates on its platinum certificates at 12% and 12.5%, the lender’s vice chairman Yehia Aboul Fotouh told Mubasher.

It is noteworthy that NBE slashed interest rates on its variable-rate certificates by 3%, Aboul Fotouh said on Tuesday.

Moreover, Banque Misr, the second largest state-run bank, also decided to keep interest rates on its fixed-rate three-year certificates on hold at 12%, the bank’s vice chairman Akef El-Maghraby told Mubasher.

However, the interest rates on the bank’s variable-rate three-year certificates were reduced to 9.5% from 12.5%.