NBE and Banque Misr: EGP 101 bn, the proceeds of 2 certificates, 19% fixed and 22% diminishing during the first 2 days

The National Bank of Egypt and Banque Misr revealed that the proceeds of new savings certificates, with a fixed 19% return and a diminishing 22% return, increased to EGP101 bn, during the first two days of their issuance.

Yehia Abou El-Fotouh, Vice Chairman of the Board of Directors of the National Bank of Egypt, stated that the bank’s proceeds from issuing 2 new savings certificates, with a fixed return of 19% and 22% diminishing, increased to EGP 70 bn within the first 2 days of their issuance.

Abou El-Fotouh indicated, during a telephone interview, that there is no specific date for stopping the issuance of the 2 new savings certificates, indicating that the lending interest rate ranges from 18.25% to 19.25% as announced by the Central Bank.

Mohamed El-Etreby, Chairman of the Board of Directors of Banque Misr, said that the proceeds from selling Ibn Misr certificate with a diminishing return starting from 22% in the first year, 18% in the second year, and 16% in the third year, rose to EGP31 bn during the past 2 days.

In statements to  Middle East News Agency, El-Etreby explained that the new certificate reflects the positive vision of a decrease in interest rates during the coming period, the expected gradual decline in inflation rates, the stability of markets in light of international and domestic changes and the Central Bank of Egypt's policy to target inflation.

The first certificate was issued, a certificate 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, paid monthly.

The categories of certificates start from EGP 1,000 and its multiples, issued to 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, and the certificate can be retrieved after 6 months, starting from the working day after purchase, according to the rules of redeem and governing conditions.