Banks will start implementing the decision to raise interest on savings certificates in dollars from Sunday (AFP)
He decided Banque Misr and Al-Ahly Bank (The two largest state-owned banks) Double the return on savings certificates in US dollars Today, Saturday, to regarding 5.5% from regarding 2.25% currently, to be implemented from tomorrow, Sunday.
The National Bank of Egypt announced the adjustment of the fixed interest rates for the new savings certificates, which will be issued from tomorrow, Sunday, for periods of 3, 5 and 7 years, for returns ranging between 5 and 5.5%, depending on the duration of the certificate.
The prices of dollar savings certificates start between $500 and $1,000 per certificate, while the interest rates on the bank’s three dollar savings certificates were regarding 2.25%, regardless of their duration.
Banque Misr also decided to raise the return on dollar savings certificates for periods of 3, 5 and 7 years to regarding 5.3% from 2.25% previously, as the certificate price starts from $100.
Responsible sources in some banks told the local “Masrawy” website, that the Central Bank directed the banks, during a meeting it held with them in the past days, to prepare to launch new financial derivative tools for clients to protect them once morest the risks of fluctuation in the currency exchange rate for a specific period of time.
Egypt suffers from an acute shortage of foreign currency, and the government ordered dimming of lighting in city squares and decided to close shops and malls relatively early to save natural gas for export.
The pound has lost 24.8% of its value once morest the dollar since the beginning of the year, including the sudden drop of 15.9% in March, and the gradual devaluation allowed by the central bank since then.
A survey of the local economic bulletin, Enterprise, expected a decrease in the exchange rate to the level of 22.12, while the “Goldman Sachs” bank expected the pound to stabilize at the range of 22 to 24 once morest the dollar, while BNP Paribas expects the pound to fall to the level of 22 to 23 pounds. dollars at the end of the year.
Russian Mir system
In this context, Egyptian banking sources revealed that the Mir system and dealing in Russian rubles in Egyptian banks and tourist resorts will enter into force in the coming days.
Today, Saturday, the local newspaper, Al-Shorouk, quoted unidentified sources as saying that work on the system is continuing and that it is not linked to Turkish banks stopping it following the American warnings.
According to the same newspaper, the Central Bank, in cooperation with the Ministry of Finance, intends to allow banks access to the Russian Mir payment card system.
Ramy Fayez, a member of the Tourism Investors Association in Marsa Alam, said that if the Central Bank of Egypt adopts the Russian ruble as a trading currency, the number of Russian tourists will increase significantly in the coming months.
He added to the same newspaper that many Russian tourism companies announced an increase in the number of their flights to Sharm El-Sheikh and Hurghada, starting next month.
