While Egyptian banks are witnessing heavy traffic due to the demand to buy the 18% certificate that was recently launched, the proceeds of selling the certificate in the National Bank of Egypt and Banque Misr rose to about 105 billion pounds in just 72 hours.
According to a statement, the Vice President of the National Bank, Yahya Aboul Fotouh, said that his bank’s proceeds from selling certificates with a return of 18% amounted to 72 billion pounds, within 3 days from the beginning of their offering. He explained that the bank had issued a certificate under the name of “the annual platinum certificate with a monthly return”, which amounts to 18% annually, starting from 1,000 pounds and its multiples.
And he indicated that the certificate is issued to natural individuals or minors, and it is also possible to borrow against the guarantee of the certificate, in addition to the possibility of issuing credit cards with its guarantee, and the certificate can be retrieved after about 6 months, starting from the working day following the date of purchase or the date of issuance. The proceeds of the second day of selling high-return certificates at the National Bank of Egypt amounted to about 37 billion pounds.
While the Chairman of the Board of Directors of Banque Misr, Mohamed El-Etreby, revealed that his bank’s proceeds from selling certificates amounted to 18%, up to the end of the third day, 33 billion pounds, within 3 days of re-issuing them again.
He explained that Banque Misr reissued the new savings vessel “Talaat Harb” certificate, which is a savings certificate that enjoys a fixed rate of return for the duration of the certificate’s retention period, and the annual certificate’s return rate is 18%.
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 against the guarantee of the certificate in addition to the possibility of issuing credit cards with its guarantee, and the certificate can be retrieved after 6 years have passed. Months from the business day following the date of purchase (issue date). The proceeds of the second day of Banque Misr from selling these certificates amounted to about 14 billion pounds.
The National Bank of Egypt and Banque Misr had offered a new savings certificate at an annual interest rate of 18%, with the return being paid monthly, after the Central Bank of Egypt announced an increase in interest rates by 1%.