CAIRO - 24 January 2023: Chairman of Banque Misr, Mohamed El-Etreby,announced the suspension of Talaat Harb’s certificate, which has an annual return of 25 percent, by the end of January, as previously mentioned.
This came in a statement issued today, Tuesday.
Moreover, the National Bank of Egypt (NBE) has said the total money collected from the 25 percent annual yield certificate and the 22.5 percent monthly yield certificate hit so far LE 260 billion.
The NBE said transaction in the highly yield certificates will terminate at the end of this month.
Prevously, El-Etreby affirmed earlier 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.
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.
Moreover, he stated in his previous statements that the newly issued saving certificates with an annual return of 25 percent 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.