Banque Misr has decided to cease issuing the King's certificate with an annual return of 17%, which is disbursed every three months and has a period of 12 months, as of the end of work day on Thursday 12 April 2018. Meanwhile, customers who have already purchased the certificate will continue to enjoy their benefits until the maturation of their certificates.
This decision comes in light of the decrease of the deposit and discount rates at the Central Bank of Egypt, as well as the improvement of inflation indicators, which were announced recently.
Banque Misr announces the launch of a three-year variable-yielding certificate. Its returns will be disbursed every three months and will change periodically, to be calculated at a quarter of a percentage point higher than the Central Bank of Egypt's deposit rate.
As such, the first applicable rate for the certificate upon its issuance on Sunday 15 April 2018 is 17% annually, subject to change periodically throughout the duration of the certificate according to the changes in the Central Bank of Egypt's deposit rate. Banque Misr continues to issue savings certificates with a yield of 15% for a period of years, with returns disbursed on a monthly basis.