Growth of NBE’s saving certificates reaches LE 15B

CAIRO – 5 March 2018: Chairman of National Bank of Egypt (NBE) Hesham Okasha said that the bank collected LE 15 billion in aggregate for the new savings certificates on offer, which hold an annual return of 17 percent and 15 percent, during the past 11 days.

The growth rate of the new saving certificates was at more than LE 1 billion per day, Okasha told Youm7.

The bank also announced a reduction in the rate of return on new orders from the three-year Platinum Certificate to an annual return of 15 percent instead of 16 percent on February 18.

The duration of the 17-percent certificate is one year, with a quarterly turnover.

The duration of the 15-percent certificate is three years, with a monthly turnover.

In mid-February, the Central Bank of Egypt lowered interest rates by 1 percent as inflation rates kept going downhill for the first time since the November flotation.

The bank cut its overnight deposit rate to 17.75 percent from 18.75 percent, and its overnight lending rate to 18.75 percent from 19.75 percent.