{"id":613134,"date":"2024-01-09T00:00:00","date_gmt":"2024-01-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/09\/banks-impose-minimum-interest-rate-of-24-on-secured-loans\/"},"modified":"2024-01-09T00:00:00","modified_gmt":"2024-01-09T00:00:00","slug":"banks-impose-minimum-interest-rate-of-24-on-secured-loans","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/09\/banks-impose-minimum-interest-rate-of-24-on-secured-loans\/","title":{"rendered":"Banks impose minimum interest rate of 24% on secured loans"},"content":{"rendered":"

Secured loans are getting pricier: <\/strong>The Central Bank of Egypt (CBE) has instructed allbanks to charge a minimum interest rate of 24% on secured loans, a banking source told Enterprise. The new rule that came into effect yesterday is intended to clamp down on the carry trade following the issuance of high-yield CDs by the country\u2019s two largest banks, our source added.<\/p>\n

Carry trading? <\/strong>In short, a carry trade is when you borrow money and then lend it on to someone else at a higher interest rate than you\u2019re dishing out for the money in the first place. The differential between the cost of borrowing the money and the interest you get back from the borrower is the profit and is referred to as the \u201ccarry.\u201d<\/p>\n

The rationale: <\/strong>The move ensures that the new CDs sop up liquidity from the market rather thantrigger a migration of funds from other banks to the new certificates, our source said.<\/p>\n

Background:<\/strong> Banque Misr and the National Bank of Egypt last weekend introduced<\/a> two12-month certificates of deposits (CDs) with record-high yields \u2014 one with a single interest payment of 27% paid upon maturity and another that offers monthly payouts at a reduced 23.5% annualized rate. The issuance came after CDs worth around EGP 500 bn introduced by the two banks in January 2023<\/a> began maturing on Friday.<\/p>\n

SOUND SMART-<\/strong> A secured loan is a type of loan where the borrower pledges an asset \u2014 suchas a house, car, or liquid asset \u2014 as collateral. In the case of a CD-secured loan, the loan is backed by a certificate of deposit.<\/p>\n

\n

ON THE DEPOSIT FRONT-<\/p>\n

The two CDs have reeled in a combined EGP 45 bn <\/strong>in the four days since their release, Cairo 24<\/a> reports, citing two sources at Banque Misr and NBE. That\u2019s half of what customers<\/a> invested during the first three days that the 25% CDs were on the market in January 2023.<\/p>\n

The breakdown: <\/strong>NBE captured the lion\u2019s share of deposits, racking up some EGP 30 bn. BM attracted the remaining EGP 15 bn, BM chairman Mohamed El Etreby confirmed to the state-owned Middle East News Agency<\/a>.<\/p>\n

Endgame?<\/strong> The new CDs should draw in more than the EGP 500 bn raised last year, El Etreby said, stopping short of providing an estimate.<\/p>\n","protected":false},"excerpt":{"rendered":"

The new minimum came into effect on Monday following instructions from the CBE<\/p>\n","protected":false},"author":1,"featured_media":613135,"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":[204,1432,271,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-cds","tag-central-bank-of-egypt","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"7c25fc7b-640b-4e5e-a026-2b8d63211665","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/460.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian banks impose minimum interest rate of 24% on secured loans","related_issue":[613129],"teaser":"The new minimum came into effect on Monday following instructions from the CBE","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.20495069-f893-4c5b-8535-74f59c426362.mp3"},"yoast_head":"\nBanks impose minimum interest rate of 24% on secured loans - 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It\u2019s an eerily calm news day here at home so far, although we have a feeling it\u2019s one of those days where we\u2019ll see the pace pick up later on in the afternoon. THE BIG STORY TODAY The Central Bank of Egypt (CBE) has instructed all local\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/482.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":648092,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/28\/banque-misr-blom-bank-raise-interest-rates\/","url_meta":{"origin":613134,"position":1},"title":"Banque Misr, Blom Bank raise interest rates","author":"enterpriseam admin","date":"28 May 2017","format":false,"excerpt":"Banque Misr and Blom Bank have raised interest rates on loans and certificates of deposit following the CBE\u2019s decision to hike rates by 200 bps last week, Al Shorouk reports. Blom Bank increased interest on short-term CDs by a maximum of 200 bps, and is studying doing the same for\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":613342,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/14\/cib-adib-cut-credit-card-limits-on-fx-spending\/","url_meta":{"origin":613134,"position":2},"title":"CIB, ADIB cut credit card limits on FX spending","author":"enterpriseam admin","date":"14 January 2024","format":false,"excerpt":"The central bank has been tightening its grip on FX transactions in recent months","rel":"","context":"In \"Abu Dhabi Islamic Bank\"","block_context":{"text":"Abu Dhabi Islamic Bank","link":"https:\/\/enterpriseam.com\/egypt\/tag\/abu-dhabi-islamic-bank\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/800.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":613134,"position":3},"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":590806,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/26\/banque-misr-nbe-are-back-with-another-round-of-usd-certificates-to-draw-more-fx-into-the-banking-system\/","url_meta":{"origin":613134,"position":4},"title":"Banque Misr + NBE are back with another round of USD certificates to draw more FX into the banking system","author":"enterpriseam admin","date":"26 July 2023","format":false,"excerpt":"The state banks will begin offering two three-year certificates offering 7% and 9% annual rates from today","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\/7\/1038.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578632,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/09\/newly-introduced-25-cds-see-massive-demand-in-first-two-days-big-two-bag-usd-700-mn-facility\/","url_meta":{"origin":613134,"position":5},"title":"Newly introduced 25% CDs see massive demand in first two days + Big Two bag USD 700 mn facility","author":"enterpriseam admin","date":"9 January 2023","format":false,"excerpt":"The newly released 25% certificates of deposit have raked in almost EGP 100 bn in a matter of days \u2014 and the two state banks offering them have reportedly secured a major loan to meet local demand for hard currency.Savers poured nearly EGP 100 bn into newly introduced record-high yield\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/113.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\/613134","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=613134"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/613134\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/613129"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/613135"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=613134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=613134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=613134"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=613134"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=613134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}