Cairo – Mubasher: Chairman of Banque Misr, Mohamed El-Etreby, announced that the 25% return one-year Talaat Harb certificate of deposit will be cancelled within days or by the end of this month at most.

The move comes after achieving the required target, Akhbar El-Yom reported on Monday.

On 4 January 2023, the state-owned National Bank of Egypt (NBE) and Banque Misr issued one-year certificates of deposit at an annual interest rate of 25%, which will be disbursed annually. The banks added that the annual return of these certificates can be adjusted to 22.50% in case of monthly disbursement.

In December 2022, the Monetary Policy Committee (MPC) raised the Central Bank of Egypt’s (CBE) deposit rate, overnight lending rate, and the rate of the main operation by 300 basis points (bps) to 16.25%, 17.25%, and 16.75%, respectively. The discount rate was also raised by 300 bps to 16.75%.