NBE to suspend record high savings certificate tomorrow after collecting EGP 290 bn

The National Bank of Egypt, the largest state-owned lender, announced that the proceeds of selling its annual platinum certificates with record yields of 25%-22.5% reached EGP 290 billion a day before its suspension

About 60% of it was implemented through alternative channels (Al-Ahly Net, Al-Ahly Mobile and the call center), and the rest through the bank’s branches spread across the republic.

Hisham Okasha, Chairman of the Board of Directors of the National Bank of Egypt, announced yesterday that the issuance of the mentioned annual certificate will be suspended as of tomorrow which is corresponding to Tuesday, January 31.

Also the certificate, since its launch on January 4, has attracted about 75,000 new clients to the family of the National Bank of Egypt.

The National Bank had issued a savings certificate with 25% yield to be disbursed annually, and 22.5% to be paid monthly shortly after the Monetary Policy Committee’s decision to raise the interest rate by 3% during its last meeting last December.

The certificate categories start with EGP 1,000 and its multiplies, issued to natural individuals or minors, whether Egyptians or foreigners, and the period of its maturity is calculated from the working day following its purchase.