NBE and Banque Misr: certificates, with a return of 19% and 22%, have recorded EGP 178 bn

The National Bank of Egypt and Banque Misr revealed that the proceeds of new savings certificates, with a fixed 19% yield and a diminishing 22% yield, have increased to EGP178 bn, so far.

The National Bank of Egypt was able to collect a financial proceeds at EGP118 bn from selling savings certificates, with a return of 19% fixed and 22% diminishing so far.

While Banque Misr was able to collect a financial proceeds at EGP 60 bn from selling savings certificates, with a return of 19% fixed and 22% diminishing so far.

It is worth noting that NBE and Banque Misr announced, last week, the issuance of two new savings certificates for a Maturity of 3 years,  they reflect the positive vision of   interest rates decrease during the coming period with the expected gradual decline in inflation rates, with the stability of the markets in light of international and domestic changes and the policy of CBE to target inflation.

The first certificate is a certificate with a fixed interest rate for 3 years, with a return rate of 19% annually, paid monthly.

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

It is possible to borrow with certificates  guarantee, in addition to issuing credit cards with its guarantee, the certificate can be retrieved after 6 months, starting from the working day following purchasing date, according to the rules of redeem and governing conditions.