National Bank of Egypt Raises Platinum Certificate Yields by a Full Percentage Point

The National Bank of Egypt has raised the annual yield on its fixed-rate "Platinum" certificates by a full percentage point for both types, in a decision announced by the bank's Chief Executive Mohamed El-Etreby and approved by the bank's Assets and Liabilities Committee (ALCO), effective Sunday, 8 November.

The yield on the monthly-pay Platinum certificate rose from 17.75% to 18.75%, while the yield on the quarterly-pay Platinum certificate climbed from 17.85% to 18.85%. Both certificates are available to customers through all National Bank of Egypt branches and its digital applications.

Based on an investment of 100,000 pounds: the monthly certificate generates an annual return of 18,750 pounds, or 1,562.5 pounds per month, while the quarterly certificate yields 18,850 pounds annually, or 4,712.5 pounds every three months — a difference of 100 pounds in favour of the latter for every 100,000 pounds invested.

The increase follows the Egyptian Central Bank's Monetary Policy Committee decision to raise key interest rates by 100 basis points at its meeting on Thursday, 29 October, bringing the overnight deposit rate to 20%, the overnight lending rate to 21%, the main operation rate to 20.5%, and the discount rate to 20.5%.