Yields of 25% saving certificates amount to LE 335B

CAIRO - 18 January 2023: The newly issued saving certificates with an annual return of 25% have so far managed to collect LE 335 billion, including LE 120 billion for Banque Misr and the rest for the National Bank of Egypt (NBE), according to Chairman of the Federation of Egyptian Banks, Mohamed El-Etreby.

 

 

El-Etreby, who is also the Chairman of Banque Misr, said in a TV interview that  it is scheduled to suspend working with those certificates before the end of January.

 

“It is expected that Banque du Caire, the Commercial International Bank (CIB) and other banks that issued similar certificates will suspend them as soon as Banque Misr and the NBE implement the decision,” he stated, noting that those certificates affect their profitability.

 

Earlier in January, El-Etreby stated that the issuance of Talaat Harb certificates with an annual return of 25 percent will be suspended at the end of January after the desired goal is achieved.

 

 

On January 4, Banque Misr and the National Bank of Egypt (NBE) announced the launch of a one-year saving certificate with an annual interest of about 25 percent, which will be spent at the end of the period, or an interest of 22.5 percent, which will be spent monthly.

 

 

El-Etreby affirmed that the NBE and Banque Misr’s resort to offering this certificate aims to address inflation and attract foreign exchange, within the framework of the role played by the two banks as the two largest government banks in the market.