{"id":695411,"date":"2026-04-22T00:00:00","date_gmt":"2026-04-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=695411"},"modified":"2026-04-22T03:42:05","modified_gmt":"2026-04-22T03:42:05","slug":"the-national-bank-of-egypt-and-banque-misr-just-hiked-rates-on-cds-moves-that-could-see-the-egp-gain-against-the-usd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/04\/22\/the-national-bank-of-egypt-and-banque-misr-just-hiked-rates-on-cds-moves-that-could-see-the-egp-gain-against-the-usd\/","title":{"rendered":"The National Bank of Egypt and Banque Misr just hiked rates on CDs \u2014 moves that could see the EGP gain against the USD"},"content":{"rendered":"

NBE, Banque Misr<\/strong> hike rates on CDs: <\/strong>In an unexpected move, the National<\/a>Bank of Egypt<\/a> (NBE) and Banque Misr<\/a> (BM) raised the interest rates they\u2019re offering on three-year fixed-interest certificates of deposit by 125 bps. Starting today, NBE\u2019s Platinum Certificate and Banque Misr\u2019s Al Qimma Certificate will each offer monthly rates of 17.25%, up from 16%.<\/p>\n

We think the timing \u2014 and direction of the USD right now \u2014 are big factors here: <\/strong>The Central Bank of Egypt\u2019s monetary policy committee will next meet to review interest rates in almost exactly one month \u2014 but officials have a chance right now to help lock-in the EGP\u2019s recovery from the hit it took after the US and Israel started bombing Iran. <\/p>\n

How we see it: <\/strong>The NBE and Banque Misr are moving to soak up liquidity as the EGP continues to strengthen against the greenback. The war in the Gulf had triggered a wave of anxiety: Retail depositors fled to safety in the form of the USD and gold, sending both to record highs on the domestic market. At the same time, carry trade investors headed for the exits in a global risk-off. The combination sent the EGP to a low below 54 to the greenback, but the tide now appears to be turning after strong FX inflows in the past 10 days or so: Portfolio investment is flowing back in, and remittances haven\u2019t yet taken the hit that some had feared.<\/p>\n

Offering higher rates on CDs doesn\u2019t just encourage customers to keep their savings in <\/strong>the banking system <\/strong>\u2014 it could prompt more folks to de-dollarize. The EGP was trading in a band of 46-47 to the greenback before the war began, raising the obvious question: With the ceasefire now seemingly extended, was 54 the USD\u2019s high-water mark against the EGP?<\/p>\n

REMEMBER: <\/strong>The NBE and Banque Misr are the state-owned giants of the industry and together account for c. 50% of all deposits in the banking system. Policymakers have traditionally used the state-owned banks as instruments of monetary policy. <\/strong>Raising rates independent of central bank action provides stability and keeps savers invested in the EGP without requiring policymakers to hike corridor rates and raise the government\u2019s debt burden, banking expert Hany Abou El Fotouh said<\/a>.<\/p>\n

What happens next? <\/p>\n

The nation\u2019s biggest state-owned banks usually set the stage for their local peers. <\/strong>We\u2019ll be watching to see whether big local lenders make similar moves in the days to come. Keep a particular eye on our friends at CIB alongside FAB Misr, QNB Al Ahli, and ADIB. While some, like Banque du Caire, have been pushing into lower-cost current and savings account deposits in a bid to reduce their cost of funds, many of the big private-sector banks will face pressure to raise rates on CDs if they want to avoid bleeding deposits. <\/p>\n

It\u2019s premature to scream that this signals a rate hike next month:<\/strong> The contours and impact of the US-Iran war have been pretty dynamic, and the CBE\u2019s next policy meeting isn\u2019t until 22 May. <\/p>\n

And the CBE may be hesitant to hike rates: <\/strong>Reversing the easing cycle that began just months ago would mean higher debt-service costs for the state, further straining an already strained budget. Fiscal and monetary policy are largely independent, sure, but neither plays out in a vacuum.<\/p>\n

Could the push to raise rates on CDs also help keep inflation in check? <\/strong>The USD easing against the EGP means there\u2019s more LCY sloshing around in the system \u2014 liquidity that folks might be tempted to park in long-term CDs. <\/p>\n

AND- The IMF will be watching closely. <\/strong>It doesn\u2019t love policymakers using side channels to guide policy. Though some will argue that what Banque Misr and National Bank of Egypt have done here makes a good measure of sense, this is the type of thing for which policymakers have been dinged in past Article IV consultations. <\/p>\n

BACKGROUND- <\/strong>The CBE chose to leave rates unchanged<\/a> at its last meeting as the war-triggered energy crisis reversed the disinflationary path we had been on earlier in the year. <\/p>\n","protected":false},"excerpt":{"rendered":"

NBE and BM both hiked rates on CDs by 125 bps<\/p>\n","protected":false},"author":1,"featured_media":695412,"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":[7335],"tags":[204,576,271,72,248,12389],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-695411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-big-story-today","tag-banking","tag-banque-misr","tag-central-bank-of-egypt","tag-enterpriseam","tag-national-bank-of-egypt","tag-the-big-story-today","wpautop","entry"],"acf":{"mongo_id":"0671e6a3-0903-451f-8098-2c4de0b573c1","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/10\/837.jpg","photo_position":"above","homepage_title":"","full_issue_title":"NBE, Banque Misr just hiked rates on CDs \u2014 what does it mean?","related_issue":[695406],"teaser":"NBE and BM both hiked rates on CDs by 125 bps"},"yoast_head":"\nThe National Bank of Egypt and Banque Misr just hiked rates on CDs \u2014 moves that could see the EGP gain against the USD - 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The banks started selling the high-interest certificates in March to protect savers and ease pressure on\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\/2020\/9\/234.jpg?fit=%2C&ssl=1&resize=350%2C200","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":695411,"position":1},"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 "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":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":695411,"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 "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":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":695411,"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. 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The two banks are offering a fixed, three-year\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\/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":695411,"position":5},"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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