{"id":671104,"date":"2025-09-01T00:00:00","date_gmt":"2025-09-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/01\/banks-start-lowering-interest-rates-on-savings-products\/"},"modified":"2025-09-01T00:00:00","modified_gmt":"2025-09-01T00:00:00","slug":"banks-start-lowering-interest-rates-on-savings-products","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/01\/banks-start-lowering-interest-rates-on-savings-products\/","title":{"rendered":"Banks start lowering interest rates on savings products"},"content":{"rendered":"

Good morning, friends, and welcome to the start of a new month. <\/strong>We kick off September with an issue busy with a little bit of everything \u2014 fresh investment news, updates on our upcoming IMF review, and the Finance Ministry increasing its borrowing target for the month. <\/p>\n

Madbouly\u2019s time in China continues to bear fruit<\/strong>, with China\u2019s CEEC expressing interest in investing some USD 1 bn in the local market over the coming five years to better position Egypt as a regional energy hub. <\/p>\n

AND- <\/strong>If you have an appointment at the British Embassy this week, you may have some difficulty entering the embassy building. The embassy closed its doors yesterday and directed those with pre-booked appointments to reach out to a specific number<\/a> for directions regarding how to access the embassy compound. <\/p>\n

\n

<\/a> <\/p>\n

In the fourth issue of our Destination Sahel series, we're bringing you the latest updates on New Alamein City and a look at the best investments in Sahel today. We also investigate the growing issue of beach erosion and its impact on our shores.<\/p>\n

Look for Destination Sahel, Issue IV, in your inbox on Wednesday, 3 September.<\/p>\n

Missed the first three issues? Tap here<\/a> to read the full series. <\/p>\n

\n

PSA- <\/p>\n

WEATHER- <\/strong>It\u2019s another warm day in Cairo, with the capital in for a high of 37\u00b0C and a low of 24\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s a little cooler in Alexandria<\/strong>, with a high of 31\u00b0C and a low of 24\u00b0C.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Local banks are starting to lower interest rates on savings products <\/strong>following the <\/strong>central bank\u2019s <\/strong>200 bps rate cut last week<\/a><\/strong>, with Banque Misr and the National Bank of Egypt (NBE) leading the way.<\/p>\n

Banque Misr said it reduced rates on its new EGP and USD certificates starting today,<\/strong> with its flagship three-year fixed-rate EGP certificate now offering 17% annually, down from 18.5%, according to a statement seen by EnterpriseAM. The bank also cut yields on its tiered Ibn Misr certificates to 20.5%, 17%, and 13.5% \u2014 down 2.5 percentage points. Interest on USD-denominated certificates was also trimmed by 30-45 bps across maturities. The NBE followed suit, cutting rates between 1.5-4 percentage points on its newly issued savings products starting today.<\/p>\n

\n

<\/a> #2- Egypt will begin construction of a long-stalled gas pipeline with Israel next <\/strong>year<\/strong>, a government source told EnterpriseAM, adding that the project was agreed to years ago, but was put on hold due to financial issues and geopolitical turmoil. This comes as we prepare to more than double Leviathan gas imports under the recently inked USD 35 bn agreement<\/a> to send 130 bn cubic metres of gas to Egypt from 2026 through 2040.<\/p>\n

Construction is expected to wrap up by 2028<\/strong>, with Egypt covering USD 200 mn of the cost and Israeli companies contributing a similar amount.<\/p>\n

Gas flows will be channeled to Egypt\u2019s gas liquefaction plants in Damietta and Idku <\/strong>ahead of <\/strong>re-export to Europe as LNG<\/strong>, we were told.<\/p>\n

HAPPENING TODAY-<\/p>\n

#1- It\u2019s day one of a three-day G20 summit on global and regional food <\/strong>security <\/strong>challenges<\/strong>, which marks not only the country\u2019s first time hosting the group, but the first time any non-G20 state has done so, according to a Foreign Ministry statement<\/a>. The discussions will feed into a ministerial declaration set to be adopted in an upcoming G20 Ministerial Meeting in South Africa on 19 September.<\/p>\n

\n

<\/a> #2-<\/strong> The revamped Labor Law is now live.<\/strong> After years of debate and discussion between the government, parliament, business groups, and labor unions, which saw previous iterations of the bill pulled from the House over competing claims that it was lopsided in favor of either business owners or workers, the new Labor Law is officially the law of the land.<\/p>\n

What does the new law entail? <\/strong>We dove into the ins and outs of the new law in our coverage here<\/a>. <\/p>\n

\n

#3- Calling all pharma manufacturers, Pharmaconex is kicking off at the Egypt <\/strong>International Exhibition Center today<\/strong>, according to a statement (pdf)<\/a> from the organizers. The three-day event will highlight recent public and private sectors\u2019 efforts to localize drug manufacturing and strengthen supply chains under the National Health Strategy 2024-2030. The exhibition will host over 350 exhibitors from 40 countries and feature some 70 conference sessions. <\/p>\n

NEWS TRIGGERS-<\/p>\n

It\u2019s the first work day of September<\/strong> \u2014 here are the key news triggers to keep your eyes on this month:<\/p>\n