NBE and Banque Misr: EGP 67bn, the 2 certificates proceeds, 19% fixed and 22% diminishing during the first day
The National Bank of Egypt and Banque Misr revealed that the proceeds of the new savings certificates, during the first day of their issuance, reached EGP67 bn.
The National Bank of Egypt indicated that the proceeds of its new certificates increased to EGP 48 bn during the first day of their issuance, because of customer's highly interest to buy the certificates.
Mohamed Eletreby, Chairman of the Board of Directors of Banque Misr and the Federation of Egyptian Banks, stated that the proceeds of Banque Misr from the new certificates reached approximately EGP19 bn.
Eletreby explained, during a phone call on TV, that this number had not been achieved before; a part of this money came from current accounts or from certificates holders, the expired 18%.
It is worth noting that NBE and Banque Misr announced yesterday the issuance of two new savings certificates for Maturity of 3 years, they reflect the positive vision of a decrease in interest rates during the coming period with the expected gradual decrease in inflation rates, stability of the markets in light of international and local changes and CBE's policy to face inflation.
The first certificate was issued, with a fixed interest rate for 3 years, with a return rate of 19% annually, paid monthly.
The second certificate is a diminishing certificate for 3 years, at an annual rate of 22% for the first year, 18% for the second year, and 16% for the third year, return is paid monthly.
The categories of certificates start from EGP 1,000 and its multiples, issued to natural individuals or minors, whether Egyptians or foreigners, Maturity is calculated from the working day After purchase
It is possible to borrow with the guarantee of the certificate, in addition to issuing credit cards with its guarantee, certificate can be retrieved after 6 months, starting from the working day After purchasing the certificate, according to the rules of redeem and governing conditions.
