Banking sources revealed that a large number of customers began to get rid of hard currencies, specifically the euro and the dollar, to invest in 18% Certificate Which was announced to be offered in the National Bank of Egypt and Banque Misr, last Monday.
The branches of the National Bank of Egypt and Banque Misr continued to open their doors on weekends to receive customers wishing to invest in the high-return certificate that was announced following the decisions of the Central Bank of Egypt to move interest rates by 1% and reduce the value of the Egyptian pound once morest the dollar, during an exceptional meeting. Last Sunday evening.
The sources indicated, in exclusive statements to Al Arabiya.net, that all the branches of “Al-Ahly Al-Masry” and “Bank Misr” have witnessed heavy traffic since the beginning of the day, following a state of calm during Fridays and Saturdays, when the banks had decided to open their doors to customers. On weekends, to receive the new certificate for those wishing to invest.
According to official data, the proceeds of selling the high-interest savings certificate jumped 18% to regarding 153 billion pounds, in the first 4 days of its issuance in Al-Ahly and Egypt banks.
According to a statement, the Vice President of the National Bank of Egypt, Yahya Aboul Fotouh, said that the certificate is popular with customers, and the bank’s total proceeds from selling new certificates with a return of 18% reached 102 billion pounds until last Thursday, in the first 4 days of its issuance.
The Chairman of the Board of Directors of Banque Misr, Mohamed El-Etreby, said that the certificate generates daily large sales to increase the demand of customers to buy it, and the bank’s total proceeds from selling this certificate until the end of last Thursday’s transactions amounted to regarding 51 billion pounds.
Misr and Al-Ahly banks made it possible to purchase an “18% certificate” through the electronic banking service, in order to avoid an increase in density within the branches and to save customers’ time and effort.
The duration of the certificate is one year, and the return is paid monthly. The period is calculated from the working day following the purchase. The categories of the certificate start from 1,000 pounds and its multiples, and are issued to natural individuals or minors. It is also possible to borrow once morest the guarantee of the certificate in addition to the possibility of issuing credit cards with its guarantee.
The certificate can be redeemed following 6 months from the business day following the date of purchase (issuance date).
