{"id":662584,"date":"2025-03-19T00:00:00","date_gmt":"2025-03-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/19\/banque-misr-nbe-slash-rates-on-three-year-usd-cds\/"},"modified":"2025-03-19T00:00:00","modified_gmt":"2025-03-19T00:00:00","slug":"banque-misr-nbe-slash-rates-on-three-year-usd-cds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/19\/banque-misr-nbe-slash-rates-on-three-year-usd-cds\/","title":{"rendered":"Banque Misr, NBE slash rates on three-year USD CDs"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Banque Misr, NBE cut rates on their <\/strong><strong>high-interest <\/strong><strong>USD CDs. <\/strong>State-owned <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/3\/1493.pdf\" style=\"\" rel=\"noopener\">Banque Misr (pdf)<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.almasryalyoum.com\/news\/details\/3403568\" style=\"\" rel=\"noopener\">National Bank of Egypt<\/a> reduced interest rates on their high-interest USD certificates of deposit by 0.5 percentage points yesterday. NBE\u2019s Al Ahly Fawran and Al Ahly Plus USD certificates now offer annual returns of 7.5% and 5.5%, respectively. Similarly, Banque Misr\u2019s Al Qema and Elite certificates now offer annual returns of 7.5% and 5.5%, respectively. The lenders slashed rates by a similar 0.5 percentage points both in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/25e6ad3b-dbed-489a-87b2-f30662243a1f\/sunrise-resorts-&-cruises-plans-to-add-4k-hotel-rooms-in-2025\" style=\"\" rel=\"noopener\">December<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/887bda04-8b49-4e5e-8c3a-9b77507f2781\/chevron-to-start-drilling-a-new-gas-well-soon.-plus:-news-from-nbe,-raya-it\" style=\"\" rel=\"noopener\">October<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the move:<\/strong> \u201cBoth the National Bank of Egypt and Banque Misr have reduced interest rates on their three-year USD savings instruments, which were initially introduced with exceptionally high interest rates compared to USD deposit rates in the US or other emerging markets. These instruments were designed to attract USD deposits from Egyptians working abroad into the Egyptian banking system to help bridge the FX gap that existed before the reform measures announced by the central bank in March 2024,\u201d banking expert Mohamed Abdel Aal told us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThese products have now become too costly compared to similar interest rates <\/strong><strong>gl<\/strong><strong>obally,\u201d <\/strong>Abdel Aal continued<strong>.<\/strong> \u201cSince they have fulfilled their purpose, banks need to reconsider the pricing of these certificates. Such reviews are conducted periodically, and this latest reduction marks the third downward adjustment for these instruments. The aim is to maintain a competitive advantage for Egyptian banking products with a reasonable interest margin for customers while ensuring they remain sustainable for banks.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yet, the reduction is not expected to affect the attractiveness of these certificates, <\/strong>as there remains a significant interest rate gap between USD deposits abroad and the Egyptian banking sector\u2019s offerings, Abdel Aal added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This move reflects the banks\u2019 confidence in the stability of the economy <\/strong>and comes in response to falling interest rates globally, economist Hany Abou El Fotouh told EnterpriseAM. \u201cI expect the lenders to continue slashing rates if the exchange rate and FX flows remain stable,\u201d he told us, adding that this may prompt savers to seek alternatives to CDs. Abou El Fotouh expects other local banks to follow in NBD and Banque Misr\u2019s footsteps and cut interest rates. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The reduction is not expected to affect the attractiveness of these certificates, a banking expert told us<\/p>\n","protected":false},"author":1,"featured_media":662585,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[204,576,72,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-662584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-banque-misr","tag-enterpriseam","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"4f77f86d-6ef1-4edc-a5dc-2c2e3cb66456","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/2173.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Banque Misr, NBE slash rates on three-year USD CDs","related_issue":[662570],"teaser":"The reduction is not expected to affect the attractiveness of these certificates, a banking expert told us","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.f4c79875-8a38-4572-b5dd-fe170341fcc2.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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PLUS: News from NBE, Raya IT","author":"enterpriseam admin","date":"10 October 2024","format":false,"excerpt":"The project is part of a broader plan to develop gas reserves in the Narges field","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/801.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":665995,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/27\/banque-misr-nbe-trim-interest-rates-on-cds\/","url_meta":{"origin":662584,"position":1},"title":"Banque Misr, NBE trim interest rates on CDs","author":"enterpriseam admin","date":"27 May 2025","format":false,"excerpt":"PLUS- LC Wakiki\u2019s local agent Tema is planning to add 45 new stores to its branch network in Egypt","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"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":[]},{"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":662584,"position":2},"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 &quot;Banking&quot;","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":574784,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/22\/nbe-banque-misr-scrap-high-interest-savings-certificates\/","url_meta":{"origin":662584,"position":3},"title":"NBE, Banque Misr scrap high-interest savings certificates","author":"enterpriseam admin","date":"22 September 2020","format":false,"excerpt":"NBE, Banque Misr scrap high-interest CDs: State-owned National Bank of Egypt (NBE) and Banque Misr have stopped offering 15% fixed-rate savings certificates launched in mid-March, the institutions told the local press (here and here). The banks started selling the high-interest certificates in March to protect savers and ease pressure on\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/234.jpg?fit=%2C&ssl=1&resize=350%2C200","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":662584,"position":4},"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 &quot;Speed Round&quot;","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":590817,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/26\/last-nights-talk-shows-new-usd-cds-the-ongoing-heatwave\/","url_meta":{"origin":662584,"position":5},"title":"Last Night\u2019s Talk Shows: New USD CDs + the ongoing heatwave","author":"enterpriseam admin","date":"26 July 2023","format":false,"excerpt":"NBE and Banque Misr launch new USD certificates of deposit","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/1054.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\/662584","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=662584"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/662584\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/662570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/662585"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=662584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=662584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=662584"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=662584"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=662584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}