National Bank of Egypt hits deposits of LE1.5T

CAIRO – 18 May 2020: National Bank of Egypt’s (NBE) deposits rose to LE 1.5 trillion, Vice President of the Bank Yehia Abul Fotouh said.

Abul Fotouh clarified that the new saving certificates issued by NBE of 15-percent monthly return garnered LE 100 billion, adding that the bank recorded LE 100 billion from credit facilities and LE 700 billion from other credit facilities, achieving unprecedented figures.

Abul Fotouh stated earlier that the certificates were sold online or through the mobile banking application and the call center 19623.

These certificates are issued as part of measures to ease the economic repercussions of coronavirus outbreak.

“NBE receives 30,000 calls a day, and the bank allows the purchase of certificates of return through the Call Center,” he said, indicating that the bank owns 4,500 automated teller machines (ATMs).

Aboul Fotouh continued, that coronavirus crisis has positive aspects such as the export of foodstuffs and manufactured goods, and during the 3 months the state provides all products, and there is no increase in commodity prices, the availability of services and goods confirms the success of the state.

The Central Bank of Egypt (CBE) and the government have taken strong measures to support the economy, according to Aboul Fotouh.

"ًWe expect a big jump for the economy after the end of the coronavirus crisis, and many customers have decided to increase production lines with lower return on loans,” he added.