Egypt – Interest rate increases matter for life insurance
Tuesday, 12 20 2016, Category: Insurance and Reinsurance, Country: Egypt
Life insurance and asset accumulation companies in the Egyptian market are currently examining the impact of the interest rate movements in Egyptian Pound on saving contracts and their credited interest rates.
The Central Bank of Egypt decided on Thursday November 1st to increase the interest rates on deposits and loans by 3% reaching 14.75% and 15.75% respectively. This move is considered by banking experts to be the greatest movement on Egyptian pound interest rates.
The managing director of the Egyptian Life Takaful Company-GIG Mr. Rimah Asaad said that the banking interest rate increase by 3% improves the investment return on life insurance contracts and reflects positively on companies.
Source: Al Borsa News