NBE denies issuance of CDs at 30% interest rate

The National Bank of Egypt denied reports that the bank or any banks operating in Egypt had issued a new Certificate of Deposit with a maximum returns of up to 25 percent or 30 percent interest rate.

The Vice Chairman of the Bank’s Board of Directors Yehia Aboul-Fotouh in a press statement on Thursday evening stressed the need to refer to official sources to ensure the correctness of the information.

These unprofessional rumors negatively affect the national economy, he added.

This came after the Monetary Policy Committee (MPC) of the Central Bank of Egypt decided to raise CBE’s overnight deposit rate, overnight lending rate, and the rate of the main operation by 200 bps to 18.25 percent, 19.25 percent, and 18.75 percent, respectively.