NBE, Banque Misr raise interest rates on savings certificates, launch new variable-yield products

The National Bank of Egypt (NBE) and Banque Misr have hiked interest rates on their three-year Platinum Certificates to attract more savings, offering now 17.75% monthly, up from 17.25%, and introduced a new quarterly payment option with an annual return of 17.85%. This move likely aims to boost the banks' profitability amid a tightening monetary policy environment. The new variable-yield products suggest an adaptive strategy to keep pace with fluctuating economic conditions, potentially influencing savings behavior among Egyptians.