In a move following the Central Bank's decision to increase the deposit and lending interest rates last Thursday, Al Ahli Bank of Egypt has decided to raise the interest rate on short-term deposits by 1.5% on Monday.
During its first Monetary Policy Committee meeting of 2024, the Central Bank increased the interest rate by 2%, bringing its yield to 21.25% for deposits and 22.25% for lending.
According to information published on the bank's website, the interest rate on term deposits has been increased as follows:
- Deposits ranging from 7 days to 15 days: The interest rate has risen to 7.5%.
- Deposits less than one month: The interest rate has risen to 7.5%.
- Deposits from one month to less than two months: The interest rate has risen to 9%.
- Deposits from two months to less than three months: The interest rate has risen to 9%.
- Deposits from three months to less than six months: The interest rate has risen to 9.5%.
- Deposits from six months to less than one year: The interest rate has risen to 9.5%.
Furthermore, Al Ahli Bank has also increased the interest rate by 2% on its variable-yield platinum certificates, effective from yesterday, Sunday. The new interest rate stands at 21.5%, with monthly returns, aligning with the Central Bank's move.
This decision by Al Ahli Bank to raise the short-term deposit interest rate reflects the current economic landscape and the Central Bank's efforts to manage inflation and stabilize the financial market. Customers and investors are advised to review their investment strategies in light of these changes.
Al Ahli Bank continues to demonstrate its commitment to providing competitive financial products and services, catering to the evolving needs of its customers. The bank's focus on maintaining a strong and stable financial position ensures its ability to navigate the dynamic economic environment.
