Sale proceeds arrived High-yield savings certificates of 25% issued by Al-Ahly Bank of Egypt and Egypt Bank to 119 billion pounds as of Sunday, in light of the two banks operating dozens of branches to receive customers during the holidays, in addition to making it possible to purchase certificates through ATMs.
The proceeds of certificates in the National Bank were regarding 80 billion pounds, while in Banque Misr it amounted to regarding 39 billion pounds.
And Banque Misr and Al-Ahly Bank announced, last Wednesday, the issuance of savings certificates for a period of one year, with a return of 25%, to be disbursed annually at the end of the period, and with a return of 22.5%, to be disbursed monthly.
Egypt announced targeting high inflation rates during the new year, and also reduced the price of the pound once morest the dollar during 2022, following it agreed with the International Monetary Fund, during the past month, on a loan of $ 3 billion.
Egypt – which is facing a crisis in providing the dollar since the Russian-Ukrainian war and the impact on the resources of dollar flows – is seeking to confront high inflation rates by raising interest on the pound, to attract citizens’ deposits in the local currency.