{"id":584603,"date":"2023-04-03T00:00:00","date_gmt":"2023-04-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/two-big-state-owned-banks-announce-two-not-so-big-cds\/"},"modified":"2023-04-03T00:00:00","modified_gmt":"2023-04-03T00:00:00","slug":"two-big-state-owned-banks-announce-two-not-so-big-cds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/two-big-state-owned-banks-announce-two-not-so-big-cds\/","title":{"rendered":"Two big state-owned banks announce two (not-so-big) CDs"},"content":{"rendered":"

<\/span>Big Two state-owned banks introduce new CDs:<\/span> Banque Misr and the National <\/span>Bank of Eg<\/span>ypt are issuing two new high-interest certificates of deposit (CDs) following the central bank\u2019s <\/span>200-bps<\/a><\/span> rate hike last Thursday, the lenders said in <\/span>a joint statement (pdf)<\/a><\/span> yesterday. The two banks are offering a fixed, three-year CD at a 19% rate, and a three-year declining-rate certificate that starts at 22% before falling to 18% in the second year and 16% in the third year. Interest is paid monthly on both.<\/span><\/p>\n

Rumors had been flying of higher-rate CDs:<\/span> NBE Vice-Chairman Yehia Aboul Fotouh on Thursday <\/span>denied<\/a><\/span> rumors that the bank would introduce new CDs at a 25-30% rate.<\/span><\/p>\n

REMEMBER-<\/span> The two banks issued <\/span>record high<\/a><\/span> one-year 25% CDs in a bid to encourage de-dollarization in the wake of the devaluation in January and the <\/span>300-bps rate hike<\/a><\/span> a few days prior. State-owned Banque du Caire and private lenders CIB and QNB Alahli also offered <\/span>similar certificates<\/a><\/span>. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Big Two state-owned banks introduce new CDs: Banque Misr and the National Bank of Egypt are issuing two new high-interest certificates of deposit (CDs) following the central bank\u2019s 200-bps rate hike last Thursday, the lenders said in a joint statement (pdf) yesterday. The two banks are offering a fixed, three-year CD at a 19% rate, […]<\/p>\n","protected":false},"author":1,"featured_media":584604,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7350],"tags":[204,576,104,72,248,5395],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-banque-misr","tag-economy","tag-enterpriseam","tag-national-bank-of-egypt","tag-yehia-aboul-fotouh","wpautop","entry"],"acf":{"mongo_id":"0d7c51cd-eaa8-45aa-ab9d-d54a246175f3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/55.jpg","photo_position":"above","homepage_title":"","full_issue_title":"National Bank of Egypt, Banque Misr launch new savings certificates after central bank rate hike","related_issue":[584596],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.e2e743b2-01a8-4bc3-812c-582aee572eed.mp3"},"yoast_head":"\nTwo big state-owned banks announce two (not-so-big) CDs - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/two-big-state-owned-banks-announce-two-not-so-big-cds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two big state-owned banks announce two (not-so-big) CDs\" \/>\n<meta property=\"og:description\" content=\"Big Two state-owned banks introduce new CDs: Banque Misr and the National Bank of Egypt are issuing two new high-interest certificates of deposit (CDs) following the central bank\u2019s 200-bps rate hike last Thursday, the lenders said in a joint statement (pdf) yesterday. The two banks are offering a fixed, three-year CD at a 19% rate, […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/two-big-state-owned-banks-announce-two-not-so-big-cds\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-03T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/55.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/two-big-state-owned-banks-announce-two-not-so-big-cds\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/two-big-state-owned-banks-announce-two-not-so-big-cds\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Two big state-owned banks announce two (not-so-big) CDs\",\"datePublished\":\"2023-04-03T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/two-big-state-owned-banks-announce-two-not-so-big-cds\/\"},\"wordCount\":164,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/two-big-state-owned-banks-announce-two-not-so-big-cds\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/55.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"Banque Misr\",\"economy\",\"EnterpriseAM\",\"National Bank of Egypt\",\"Yehia Aboul Fotouh\"],\"articleSection\":[\"Banking\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/two-big-state-owned-banks-announce-two-not-so-big-cds\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/two-big-state-owned-banks-announce-two-not-so-big-cds\/\",\"name\":\"Two big state-owned banks announce two (not-so-big) CDs - 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The high-yield savings products were introduced to the market on 4 January ahead of the EGP devaluation to help curb inflation\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/444.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":601068,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/18\/banks-follow-central-bank-of-egypts-lead-with-interest-rate-cuts\/","url_meta":{"origin":584603,"position":2},"title":"Banks follow Central Bank of Egypt\u2019s lead with interest rate cuts","author":"enterpriseam admin","date":"18 February 2019","format":false,"excerpt":"Major state-owned banks followed the CBE\u2019s lead by cutting interest rates on their changing-yield certificates of deposit (CDs) but left interest on their platinum CDs unchanged, Mubasher news services reported. National Bank of Egypt and Banque Misr cut interest to 16% from 17% on CDs with changing yields linked to\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570703,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/national-bank-of-egypt-banque-misr-sell-egp-70-bn-of-high-interest-cds\/","url_meta":{"origin":584603,"position":3},"title":"National Bank of Egypt, Banque Misr sell EGP 70 bn of high-interest CDs","author":"enterpriseam admin","date":"12 April 2020","format":false,"excerpt":"State banks sell EGP 70 bn of high-interest savings certificates in three weeks: Around EGP 70 bn has been invested in the National Bank of Egypt (NBE) and Banque Misr\u2019s new high-interest savings certificates since they were made available three weeks ago, Al Mal reports. NBE has sold EGP 47\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630205,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/state-owned-banks-scrap-high-yielding-cds-introduce-new-variable-interest-certificates\/","url_meta":{"origin":584603,"position":4},"title":"State-owned banks scrap high-yielding CDs, introduce new variable interest certificates","author":"enterpriseam admin","date":"15 April 2018","format":false,"excerpt":"The country\u2019s largest state-owned banks have decided to scrap their high-yielding certificates of deposits two weeks after the central bank cut key interest rates by 100 bps. Banque Misr stopped issuing its high-yielding 17% CDs as of last Thursday, Vice Chairman Akef El Maghraby said, while the National Bank of\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":662584,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/19\/banque-misr-nbe-slash-rates-on-three-year-usd-cds\/","url_meta":{"origin":584603,"position":5},"title":"Banque Misr, NBE slash rates on three-year USD CDs","author":"enterpriseam admin","date":"19 March 2025","format":false,"excerpt":"The reduction is not expected to affect the attractiveness of these certificates, a banking expert told us","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2173.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=584603"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584603\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/584596"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/584604"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=584603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=584603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=584603"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=584603"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=584603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}