{"id":664255,"date":"2025-04-27T00:00:00","date_gmt":"2025-04-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/27\/banque-misr-halts-issuance-of-high-interest-cds-in-wake-of-interest-rate-cut-plus-grande-sabbour-sarat-investments-dragon-oil-irsc-platformance\/"},"modified":"2025-04-27T00:00:00","modified_gmt":"2025-04-27T00:00:00","slug":"banque-misr-halts-issuance-of-high-interest-cds-in-wake-of-interest-rate-cut-plus-grande-sabbour-sarat-investments-dragon-oil-irsc-platformance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/27\/banque-misr-halts-issuance-of-high-interest-cds-in-wake-of-interest-rate-cut-plus-grande-sabbour-sarat-investments-dragon-oil-irsc-platformance\/","title":{"rendered":"Banque Misr halts issuance of high interest CDs in wake of interest rate cut. PLUS: Grande-Sabbour + Sarat Investments, Dragon Oil, IRSC, Platformance"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">BANKING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Banque Misr has halted <\/strong><strong>new issuances of its 27% yield <\/strong><strong>Talaat Harb annual certificate of <\/strong><strong>deposit (CDs),<\/strong> and issued a 200 bps reduction in the interest rate on its three-year Ibn Misr certificate, as well as its fixed-return Triple Summit certificate, the bank said in a statement seen by EnterpriseAM. Banque Misr also lowered the yield on its Yomati certificates and its Super Cash current and savings accounts by 225 bps. The decision comes into effect starting today.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bank follows a list of other banks who cut rates following the Central Bank of <\/strong><strong>Egypt<\/strong><strong>\u2019s decision to <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/030e8a7e-a0f6-48c5-bf6c-794c43555671\/cbe-cuts-rates-for-the-first-time-since-november-2020\" style=\"\" rel=\"noopener\">cut interest rates<\/a><\/strong><strong> last week,<\/strong> with the National Bank of Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64d63c49-f5f7-4801-a984-db6bbcf80802\/local-banks-rush-to-cut-rates-on-savings-following-interest-rate-cut\" style=\"\" rel=\"noopener\">cutting rates<\/a> on some of its high interest certificates by 225 bps and CIB cutting interest rates on its savings accounts and its certificates of deposits by 225 bps.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> DIPLOMACY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>President A<\/strong><strong>bdel Fattah El Sisi met with Italian Deputy Prime Minister and Foreign Affairs<\/strong><strong> Minister Antonio Tajani<\/strong> to discuss expanding trade, investment, and energy ties, and boosting cooperation on migration, according to an <a target=\"_blank\" href=\"https:\/\/www.presidency.eg\/en\/%D9%82%D8%B3%D9%85-%D8%A7%D9%84%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1\/%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1-%D8%B1%D8%A6%D8%A7%D8%B3%D9%8A%D8%A9\/news2442025-2\/\" style=\"\" rel=\"noopener\">Ittihadiya statement<\/a>. Talks also covered regional issues, including Gaza, Syria, Libya, and Sudan, with both sides reiterating their support for a two-state solution to the Israeli-Palestinian conflict.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Two MoU\u2019s were inked during a separate meeting with Egyptian Foreign Minister Badr <\/strong><strong>Abdelatty<\/strong> \u2014 one to establish an Egyptian-Italian platform to promote decent work and facilitate labor mobility to Italy, and the other to boost cooperation on energy transition projects, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02z7TRkJJiCc3pssjBpA3BE6yrCJJaAKBnUMAGh4GqhbcUcw9Ut9KYTEDWVDZsVmJul\" style=\"\" rel=\"noopener\">statement<\/a> by the ministry. Italy\u2019s financial services and ins. group <a target=\"_blank\" href=\"https:\/\/www.sace.it\/en\" style=\"\" rel=\"noopener\">Sace<\/a> also signed a framework agreement with the Intesa Sanpaolo majority-owned Bank of Alexandria to back up to EUR 200 mn in loans to Egyptian SMEs procuring Italian goods, according to a <a target=\"_blank\" href=\"https:\/\/www.sace.it\/en\/media\/press-releases-and-news\/press-releases-details\/sace-in-egypt--first-framework-agreement-launched--with-alexbank\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REAL ESTATE<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Ahly Sabbour subsidiary Grande-Sabbour signed a cooperation agreement with <\/strong><strong>KSA\u2019s Sarat Investments to develop real estate projects across the Kingdom<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/4\/1645.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. Under the agreement, Grande-Sabbour will act as the company\u2019s real estate arm in Saudi Arabia and develop projects in Jeddah, Riyadh, and Medina.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cThis agreement deepens our footprint in the Saudi market, a promising market with numerous growth opportunities that will contribute to stimulating economic growth in the Kingdom and the region as a whole,\u201d said Al Ahly Sabbour Chairman Ahmed Sabbour.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> ENERGY-<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>#1- Dragon Oil agreed to merge its concession agreements in the Gulf of Suez under a <\/strong><strong>unified framework with the Egyptian General Petroleum Corporation<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.albayan.ae\/economy\/business\/companies\/41046\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.albayan.ae\/economy\/business\/companies\/41046\" style=\"\" rel=\"noopener\">Al Bayan<\/a> reports. The move will help the Emirati company ramp up production, maximize resource utilization, and unlock untapped potential across the integrated zones, it said.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\"><strong>ICYMI-<\/strong> The company is currently <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/b457fc31-b3bf-442f-83e1-48860f857967\/this-morning:-ad-ports,-masdar-eye-debt-issuances-despite-global-market-turmoil-%2B-gov%25e2%2580%2599t-departments-will-be-assessed-on-ai\" style=\"\" rel=\"noopener\">in discussions<\/a> with the governments of Egypt, Iraq, and Turkmenistan to begin operating new oil fields within four years. The company previously committed to investing USD 500 mn in Egypt in 2025 for operational and capital expenditures and is eyeing <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/f23781fc-a4fd-47fc-b355-98c0e6bf7543\/this-morning:-uae-eyes-usd-10-bn-investments-in-indonesian-renewables-%2B-ad-ports-will-not-be-operating-turkey%25e2%2580%2599s-alsancak-port\" style=\"\" rel=\"noopener\">further investments<\/a> in the country.<\/p>\n<p style=\"border-right-style:solid;border-top-width:0pt;border-left-style:solid;orphans:2;text-align:left;padding:0;margin:0;border-right-width:0pt;line-height:1.15;border-left-width:0pt;border-top-style:solid;border-bottom-width:0pt;border-bottom-style:solid;widows:2\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Local renewables player IRSC will co-develop 75 MW of solar projects across Egypt<\/strong> under a recently signed strategic framework agreement with the Arab Consulting Office (ACO), alongside Chinese energy companies <a target=\"_blank\" href=\"https:\/\/en.sungrowpower.com\/\" style=\"\" rel=\"noopener\">Sungrow<\/a> and <a target=\"_blank\" href=\"https:\/\/en.tongwei.cn\/\" style=\"\" rel=\"noopener\">Tongwei<\/a>, IRSC said in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/share\/p\/1FqY3VPKNd\/\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> EXPANSION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fast Ventures\u2019 growth marketing platform <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.platformance.io\/\" style=\"\" rel=\"noopener\">Platformance<\/a><\/strong><strong> opened a new office in Cairo to <\/strong><strong>support its expansion in the MENA region<\/strong>, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/4\/1639.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The new office will allow Platformance to offer deeper local insights, faster response times, and closer access to clients and talent in Egypt and the region, it said. The company has offices in Dubai and Riyadh.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cOur presence in Cairo positions us to support that growth directly. It allows us to partner more closely with local and regional brands, contribute to the wider digital advertising industry, and play a part in building long term economic value,\u201d CEO Waseem Afzal said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS: Grande-Sabbour + Sarat Investments, Dragon Oil, IRSC, Platformance<\/p>\n","protected":false},"author":1,"featured_media":664256,"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":[7209],"tags":[111,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-664255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"bff6fdce-183d-46aa-82a7-1362e7f1f8d2","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/837.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Banque Misr halts issuance of high interest CDs in wake of interest rate cut","related_issue":[664232],"teaser":"PLUS: Grande-Sabbour + Sarat Investments, Dragon Oil, IRSC, Platformance","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.84670be3-1e4f-48a1-a21d-636cd9a36d6c.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Banque Misr halts issuance of high interest CDs in wake of interest rate cut. 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The two banks are offering a fixed, three-year\u2026","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\/4\/55.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544961,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/cds-see-egp-260-bn-in-inflows-in-a-week\/","url_meta":{"origin":664255,"position":1},"title":"CDs see EGP 260 bn in inflows in a week","author":"enterpriseam admin","date":"29 March 2022","format":false,"excerpt":"More than a quarter of a tn EGP now invested in CDs: More than EGP 260 bn has been poured into the 18% CDs launched by Banque Misr and the National Bank of Egypt (NBE) last Monday in the wake of the Central Bank of Egypt\u2019s 100-bps rate hike. 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Banque Misr has also sold EGP 26 bn of the certificates, Deputy\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":579118,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/its-sayonara-to-high-yield-cds-at-the-end-of-the-month\/","url_meta":{"origin":664255,"position":3},"title":"It\u2019s sayonara to high-yield CDs at the end of the month","author":"enterpriseam admin","date":"25 January 2023","format":false,"excerpt":"Banque Misr and the National Bank of Egypt are pulling their one-year, 25% certificates of deposit after the end of January, according to emailed statements from the two banks. 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 &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\/1\/444.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":664255,"position":4},"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 &quot;Banking + Finance&quot;","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":574784,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/22\/nbe-banque-misr-scrap-high-interest-savings-certificates\/","url_meta":{"origin":664255,"position":5},"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). 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