An employee counts money at an exchange office in downtown Cairo (Photo credit: Reuters/Amr Abdallah Dalsh)
CAIRO - 30 May 2022: The National Bank of Egypt (NBE), and Banque Misr announced, on Monday, the suspension of the 18 percent saving certificate after achieving the target of about LE 750 billion in both banks, and the issuance of another certificate with a return of 14 percent annually for a fixed return for a period of 3 years.
Head of the NBE, Hisham Okasha, said that both banks agreed to halt the issuance of the 18 percent saving certificate, with an increase in the return price of the three-year certificate upon renewal or purchase to become an annual return of 14 percent instead of 11 percent, and the return is paid monthly.
For his part, Mohamed El-Etreby, head of Banque Misr, explained that the two banks decided, after stopping the high-return certificate, to raise the interest on the triple certificate for the fixed return from 11 percent to 14 percent, and the return is paid monthly, starting from Monday, May 30.
He added that the bank decided to offer a new three-year certificate with a 14 percent return after achieving the target of the one-year certificate.
The 18 percent saving certificates achieved an amount of about LE 750 billion in the two banks, as the proceeds of the 18 percent certificate amounted to LE 515 billion at the National Bank of Egypt and LE 240 billion at the Banque Misr since its issuance on March 21 until the end of work today, Monday.