National Bank of Egypt: Several banks offered savings funds with a high interest rate, the most prominent of which was the Industrial Development Bank, which issued a certificate with an interest rate of 30%, with the aim of absorbing high levels of inflation.
The National Bank of Egypt – the largest government bank in Egypt – decided to raise the interest rate on 3 types of savings accounts by a rate ranging between 2%-3%.
The accounts on which the bank decided the interest rate include savings, regular, future and pension accounts. The bank said that this decision will begin to be implemented starting this March, less than 30 days after the Central Bank’s decision to increase the interest rate by 2% in February 2024.
According to the website of the National Bank of Egypt, the interest rate on the regular savings account divided into segments rose to about 8.5% and 12.5% ​​instead of the previous rate of 6.5% and 9.5%. As for the Future Savings Account, the interest rate rose to about 8.5% and 8.75% instead of the previous rate of 6.5% and 6.75%.
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As for the pension savings account, the bank decided to raise the interest rate from 9.5% to about 12.5%. Following the Central Bank’s recent decision, the National Bank was one of the first banks operating in Egypt to decide to raise the interest rate by 1.5% on term deposits per month, and 2% on personal loans.
While several banks offered savings accounts with a high interest rate, the most prominent of which was the Industrial Development Bank, which issued a certificate with a 30% interest rate, with the aim of absorbing the high levels of inflation.
These high-yield savings pots encourage some customers to give up on foreign currencies, in conjunction with the dollar scarcity crisis that has affected Egypt over the past months.
While other banks, such as the Cairo Bank, the Arab Banking Corporation Bank, and the Arab African International Bank, decided to raise the interest on savings accounts to reach 25%.
