NBE will not raise interest rates on personal loans, only commercial loans

The National Bank of Egypt (NBE) will not be raising interest rates on personal loans taken out before the CBE’s decision to hike interest rates by 200 bps last week, the bank’s head of Retail and SME Banking tells Al Ahram. The interest rate hike, he adds, will only be applied to commercial loans. The NBE, CIB, Faisal Islamic Bank, and Al Ahli Bank of Kuwait have yet to announce a decision on whether they will raise interest rates on variable interest three-year savings deposit certificates, while eight banks, including Ahli United Bank and Bank of Alexandria changed their interest rates in response to the CBE’s decision, Al Borsa reports.