The National Bank raises the interest rates by 2% and 3% on savings accounts

10:25 p.m

Sunday, March 3, 2024

I wrote – Manal Al-Masry:

The National Bank of Egypt – the largest government bank in the Egyptian banking sector – raised the interest rate by 2% and 3% on three types of savings accounts, namely regular, future and pension accounts, starting this month of March, 30 days after the Central Bank of Egypt’s decision to raise the interest rate. The interest rate was 2% at the beginning of last February.

According to what the National Bank of Egypt published on its website on Saturday, the interest rate on the regular savings account divided into segments increased to 8.5% and 12.5% ​​instead of 6.5% and 9.5%.

The interest rate on the future savings account increased to 8.5% and 8.75% instead of 6.5% and 6.75%, while the pension savings account increased to 12.5% ​​instead of 9.5%.

The National Bank raised the interest rate by 1.5% on term deposits last month, and 2% on personal loans after the Central Bank’s recent decision.

While the Bank of Egypt has not announced an amendment to the interest rates on its fixed-return savings accounts or term deposits at the time of writing this report.

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