National Bank of Egypt, Banque Misr Lift Certificate Yields to 18.85% From 8 November
Two Egyptian banks, National Bank of Egypt and Banque Misr, will pay up to 18.85% a year on fixed-rate certificates from 8 November, 1 percentage point more than before.
For Egyptian savers, the two lenders have moved in step: the same new rates, the same old rates and the same start date. In The Edge’s reading, the matching rise equals the size of the Central Bank of Egypt’s October increase, and from 8 November the certificates will trail the central bank’s overnight deposit rate by exactly the margin they did before.
Both banks set identical yields for monthly and quarterly payouts
From 8 November the National Bank of Egypt will pay 18.75% on its fixed-return platinum certificate with monthly payouts, up from 17.75%. The quarterly payout version rises to 18.85% from 17.85%.
Its chief executive, Mohamed El-Etreby, said the bank’s asset and liability committee had met and decided the new rates, the Middle East News Agency (MENA) reported on the evening of 5 November. They apply from Sunday 8 November at all of the bank’s branches and through its electronic applications, he said.
Banque Misr made the same move, MENA reported later that evening. Its Al Qimma fixed-return certificates will pay an annual 18.75% with monthly payouts and 18.85% with quarterly payouts. The previous rates were also 17.75% and 17.85%, and the changes take effect on the same Sunday through all its branches and electronic channels. Neither announcement, as the agency reported it, says whether the new rates also apply to existing certificates or to renewals.
Fixed-rate certificate yields at both banks (in % a year; change in points)
| Payout | Before | From 8 Nov | Change |
|---|---|---|---|
| Monthly | 17.75 | 18.75 | +1.00 |
| Quarterly | 17.85 | 18.85 | +1.00 |
The rates are identical at the National Bank of Egypt (fixed-return platinum certificate) and Banque Misr (Al Qimma Certificate of deposit).
In relative terms the monthly yield rises 5.63% and the quarterly one 5.60%. The quarterly option still pays 0.10 point more than the monthly one.
The rise matches the central bank’s 100 basis point increase
The Central Bank of Egypt’s Monetary Policy Committee raised its key policy rates by 100 basis points on 29 October, a decision set out on our site that day. The overnight deposit rate went to 20.0% and the overnight lending rate to 21.0%.
The main operation and discount rates both rose to 20.5%. The new rates took effect on 1 November, according to the central bank’s decisions page.
That increase reversed the committee’s cut of 12 February, which had taken the overnight deposit rate to 19.0%. Five meetings between April and September left the rates unchanged.
Before the two increases, the monthly payout certificate paid 17.75% and the deposit rate stood at 19.0%. From 8 November it pays 18.75% against 20.0%. The gap is 1.25 points in each case, and 1.15 points for the quarterly version.
Certificate yields against the central bank’s rates (in %)
| Rate | Before | New |
|---|---|---|
| CBE overnight deposit | 19.00 | 20.00 |
| CBE main operation | 19.50 | 20.50 |
| Monthly certificate | 17.75 | 18.75 |
| Quarterly certificate | 17.85 | 18.85 |
Central bank rates before and from 1 November 2026; certificate yields before and from 8 November 2026.
Measured against the main operation rate, the certificates trail by 1.75 points on monthly payouts and 1.65 points on quarterly ones.
The committee called its decision preemptive, aimed at anchoring inflation expectations and preserving the disinflation path. Its target is 7%, plus or minus 2 percentage points, on average in the fourth quarter of 2027. It also said risks and uncertainty had become more pronounced since its previous meeting.
Yields sit 6.75 points above October inflation
Annual inflation for the whole country eased to 12.0% in October from 12.8% in September, the Central Agency for Public Mobilization and Statistics reported on 5 November, in a release set out on our site the same day. Consumer prices rose 0.6% in the month.
At 18.75%, the monthly payout certificate will pay 6.75 points more than that annual rate. The quarterly version pays 6.85 points more. Before the change, the old 17.75% sat 4.95 points above September’s national rate. These are spreads over past inflation, not a guaranteed real return: the certificate rate is fixed, while inflation over the term is not yet known.
A fixed rate cuts both ways. A holder keeps the same yield for the life of the certificate if the central bank later lowers its rates, and forgoes any further increase if it raises them again.
If inflation reached the 7% midpoint of the target range, the new monthly yield would sit 11.75 points above it, in The Edge’s reading. The committee itself says its forecast of inflation converging to that target remains increasingly susceptible to global uncertainty, given the regional conflict and its spillovers to global energy and other commodity prices.
What EGP 100,000 earns at the new rates
On EGP 100,000, the monthly payout option will yield EGP 18,750 a year. That is EGP 1,000 more than before, and the quarterly option yields EGP 18,850.
Split evenly across payments, that is EGP 1,562.50 a month, against EGP 1,479.17 before. A quarterly holder would receive EGP 4,712.50 a quarter, up from EGP 4,462.50. The per-payment figures are The Edge’s illustration, not bank quotes.
Illustrative income on EGP 100,000 (in EGP)
| Payout | Before | From 8 Nov |
|---|---|---|
| Per month | 1,479.17 | 1,562.50 |
| Per quarter | 4,462.50 | 4,712.50 |
| Monthly option, a year | 17,750 | 18,750 |
| Quarterly option, a year | 17,850 | 18,850 |
The Edge’s illustration: the annual rate divided evenly across payments, before any tax or charges; each bank’s own payment terms govern.
Banque Misr’s Al Qimma is a three-year certificate for individuals only, with a minimum purchase of EGP 1,000 and multiples of it, the bank’s product page shows. The rate stays fixed for the whole term and is paid monthly or quarterly.
Kept for the full three years without reinvesting the interest, Al Qimma’s new monthly rate returns 56.25% of the principal in total. At the old rate the total was 53.25%. The change adds EGP 3,000 on every EGP 100,000 over the term. A certificate bought on 8 November runs to November 2029.
The certificate can be redeemed in full or in part 6 months after issue, under its redemption rules, and can secure a loan, according to the bank.
The monthly option pays a slightly lower headline rate, but more often. If every payout were reinvested at the same rate, it would compound to an effective 20.45% a year, against 20.22% for the quarterly option, in The Edge’s reading. That measure assumes every payout is reinvested at the same rate; the banks’ announcements give only the headline annual rates.
What to watch:
The new certificate rates take effect at both banks on Sunday 8 November 2026.
The central bank’s Monetary Policy Committee next meets on 17 December 2026, according to its published schedule.
Figures are from the Middle East News Agency’s reports of 5 November 2026 on the National Bank of Egypt (18:33 GMT) and Banque Misr (19:47 GMT), Banque Misr’s Al Qimma Certificate of deposit page, the Central Bank of Egypt’s Monetary Policy Committee press release of 29 October 2026 and its decisions page, and the Central Agency for Public Mobilization and Statistics’ consumer price release for October 2026 (5 November 2026); point gaps, percentage changes, income illustrations and effective yields not attributed to a source are The Edge’s calculations.
Sources: National Bank of Egypt, Banque Misr, Central Bank of Egypt, Central Agency for Public Mobilization and Statistics, Middle East News Agency, The Edge.
