CAIRO - 21 April 2022: The National Bank of Egypt (NBE) and Banque Misr announced that the proceeds of the one-year saving certificates - with an 18 percent annual yield - reached LE581 billion.
The certificates were offered on the back of an exceptional decision by the Central Bank of Egypt (CBE) to raise the base rates by 1 percent.
For his part, Mohamed El-Etreby, Chairman of the Board of Directors of Banque Misr, said that his bank’s proceeds from selling certificates amounted to LE 184 billion within a month from the beginning of their re-issuance, as Banque Misr reissued the new savings vessel Talaat Harb’s certificate.
Yahya Aboul Fotouh, Vice President of the National Bank, stated that his bank’s proceeds from selling certificates with a return of 18 percent amounted to LE 397 billion, within a month from the beginning of their offering, following the decision of the Central Bank of Egypt to raise the interest rate by 1 percent.
Aboul Fotouh confirmed that the bank continues to issue the certificate, noting that the proceeds of Al-Ahly Exchange Company from selling foreign and Arab currencies by citizens increased by more than 50 percent.
He pointed out that the bank launched the annual platinum certificate with a monthly return of 18 percent annually, starting from LE 1,000 and its multiples.
The certificate is issued to natural individuals or minors. It can be redeemed after 6 months, starting from the working day following the date of purchase (issuance date).
Banque Misr and NBE made it possible to purchase the 18-percent certificate through the Internet banking service, in order to avoid the increase in density within the branches and to save the time and effort of customers.