Recent official data revealed that The 18% certificate that was announced in Egypt two weeks agoIt managed to attract regarding 423 billion pounds since its launch the Monday before last.
According to a statement, the National Bank of Egypt and Banque Misr announced an 18% increase in the proceeds of high-return savings certificates, which were launched by the two banks following the Central Bank of Egypt’s decision to raise the interest rate by 1%, to reach regarding 423 billion pounds until the end of the working day yesterday, Monday.
The measures announced by the Central Bank of Egypt two weeks ago aim to absorb part of the liquidity available in the local market, as part of measures to stop inflation rates that have continued to rise since the beginning of this year.
The Vice President of the National Bank of Egypt, Yahya Aboul Fotouh, said that the proceeds of the National Bank of Egypt from selling certificates with a return of 18% amounted to regarding 285 billion pounds, within two weeks of the start of its offering.
He stressed that the National Bank of Egypt is continuing to issue the certificate, pointing out that the proceeds of Al-Ahly Exchange Company from selling citizens to foreign and Arab currencies increased by more than 50% during the last period.
Aboul Fotouh explained that the National Bank has issued a certificate under the name of the annual platinum certificate with a monthly return of regarding 18% annually, starting from 1,000 pounds and its multiples.
For his part, the Chairman of the Board of Directors of Banque Misr, Mohamed El-Etreby, said that his bank’s proceeds from selling certificates amounted to 18%, amounting to regarding 138 billion pounds within two weeks of re-issuing them once more, as Banque Misr reissued the new savings vessel under the name “Talaat Harb” certificate.
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 business day following the date of purchase (issuance date).
