While a large number of Egyptians were awaiting the meeting of the Monetary Policy Committee of the Central Bank of Egypt to announce raising interest rates, to put New investment certificates with a return higher than 18% that were previously offered last MarchThe National Bank of Egypt and Banque Misr revealed that there is no intention to offer any new certificates higher than this return at the present time.
The Chairman of the Board of Directors of the National Bank of Egypt, Hisham Okasha, said that his bank will continue to sell the savings certificate at 18% for a year without any modification.
He stressed that there is also no amendment to platinum certificates for a period of 3 years, with an interest rate of 11%.
Meanwhile, Banque Misr’s Chairman, Mohamed El-Etreby, revealed that his bank will not offer any new savings certificates with a higher return than the 18% certificate that was offered last March, due to the high interest burden on the bank.
He said that Banque Misr is expected to issue a new certificate with a term of 3 years with a higher interest rate than the current certificate with a return of 11%, but the interest on it will not be close to the level of 18% once and for all.
The National Bank of Egypt and Banque Misr issued certificates with an annual return of 18% last March, following the Central Bank of Egypt held an extraordinary meeting to announce an increase in interest rates by 1%, and a decrease in the value of the Egyptian pound once morest the dollar by 18%.
As of last Wednesday, the proceeds of selling high-return certificates amounted to 18%, regarding 679 billion pounds.
According to a statement, the Vice President of the National Bank of Egypt, Yehia Aboul Fotouh, said that his bank’s proceeds from selling certificates with a return of 18% amounted to 464 billion pounds, since the beginning of their offering on March 21.
Banque Misr revealed that its proceeds from selling certificates with a high return of 18% amounted to 215 billion pounds since the beginning of their re-issuance last March, as Banque Misr reissued the new savings vessel “Talaat Harb” certificate. The bank stated that the markets are currently being monitored to decide whether to continue or stop issuing them.
Yesterday, Thursday, the Monetary Policy Committee of the Central Bank of Egypt announced raising the interest rate for deposits and lending for one night, and the price of the main operation of the central bank by 200 basis points, to reach 11.25%, 12.25% and 11.75%, respectively, and the credit and discount rates were also raised. By 200 basis points to 11.75%.
And the “Central” of Egypt had decided, during an extraordinary meeting on March 21, to raise interest rates by 1%, as the Monetary Policy Committee decided to raise the rates of deposit and lending overnight and the price of the main operation of the Central Bank, by 100 basis points to reach 9.25% and 10. 25% and 9.75%, respectively.
After the decision was issued, the National Bank of Egypt and Banque Misr announced the issuance of investment certificates with a return of 18%.
The certificate is issued to natural individuals or minors, and it is also possible to borrow once morest the guarantee of the certificate.
Credit cards can also be issued with their guarantee, and the certificate can be redeemed following the lapse of 6 months, starting from the working day following the date of purchase (issuance date).
