Against the background of the sudden decision raise interest rates At a rate of 1%, Al-Ahly Bank and Egypt decided to offer a new one-year savings certificate at an annual interest rate of regarding 18%.
According to a statement, the Chairman of the Board of Directors of the National Bank of Egypt, Hisham Okasha, said that an urgent meeting took place this morning for the Alico Committee of the National Bank of Egypt, which resulted in the issuance of the certificate, and its availability to the public from today.
Meanwhile, Yehia Aboul Fotouh, Vice Chairman of the Board of Directors of the National Bank of Egypt, said that an urgent meeting took place this morning, for the “ALICO” committee of the National Bank of Egypt, which resulted in the issuance of the certificate, and its availability to the public from today.
Today, Banque Misr reissued the new savings vessel the “Talaat Harb” certificate, which is a savings certificate that enjoys a fixed rate of return for the duration of the certificate’s retention period. From the business day following the purchase, the certificate denominations start from 1,000 pounds and its multiples, and are issued to natural individuals or minors.
According to a statement, Banque Misr confirmed that it is possible to borrow once morest the guarantee of the certificate, in addition to the possibility of issuing credit cards with its 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).
He explained that certificates can be purchased from any of the bank’s branches, which number more than 750 branches and banking units spread all over the republic. This comes within the framework of the bank’s constant keenness to satisfy its customers, meet their desires and needs, and work on the permanent development of its existing savings vessels, and the creation of everything new and compatible with these needs.
The Monetary Policy Committee of the Central Bank of Egypt decided in its extraordinary meeting, Sunday evening, to raise the overnight deposit and lending rates and the central bank’s main operation rate by 100 basis points to reach 9.2%, 10.25%, and 9.75%, respectively. The credit and discount rate was also raised by 100 basis points to 9.75%.