The 18% certificate pulls a huge number from the pockets of the Egyptians

Recent official data revealed that Total sale of 18% high yield certificate in the Egyptian marketrecorded regarding 499 billion pounds within three weeks of putting it in the National Bank of Egypt and Banque Misr.

After an exceptional meeting in which the Central Bank of Egypt decided to raise interest rates by 1% and reduced the value of the Egyptian pound once morest the dollar, the National Bank of Egypt and Banque Misr announced the issuance of a new investment certificate with the highest return in the Egyptian market at the present time at the level of 18%.

According to a statement, the Chairman of the Board of Directors of Banque Misr, Mohamed El-Etreby, said that Banque Misr’s proceeds from selling the certificates amounted to 18%, amounting to regarding 159 billion pounds, within three weeks of their re-issuance, as Banque Misr reissued the new savings vessel “Talaat Harb” certificate.

For his part, the Vice President of the National Bank of Egypt, Yahya Aboul Fotouh, said that the National Bank of Egypt’s proceeds from selling certificates with a return of 18% amounted to regarding 340 billion pounds, within three weeks from the beginning of their offering, following the decision of the Central Bank of Egypt to raise the interest rate by 1%. .

He stressed that the bank continues to issue the certificate so far, noting that the proceeds of Al-Ahly Exchange Company from selling citizens to foreign and Arab currencies increased by more than 50%.

Aboul Fotouh explained that the bank has 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.

The certificate is issued to natural individuals or minors, and it is also possible to borrow once morest the guarantee of the certificate, in addition to the possibility of issuing credit cards with its guarantee. The certificate can be redeemed following 6 months from the working day following the date of purchase (issuance date).