By: Islam Fadl
Cairo – Mubasher: The National Bank of Egypt (NBE) decided not to reduce interest rates on all of its savings certificates, the lender’s vice chairman Yehia Aboul Fotouh said.
The bank’s assets and liabilities committee (ALCO) decided not to lower interest rates on the three-year fixed-interest platinum certificate, variable-interest certificates, and five-year certificates, Aboul Fotouh told Mubasher.
Earlier on Thursday, the Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) lowered interest rates by 100 basis points (bps), which is the third rate cut this year.
