NBE Introduces New Dollar Savings Certificates with 9% Annual interest to Combat Inflation

Yehia Abou El-Fotouh, Vice President of National Bank of Egypt, has announced the launch of three-year Dollar Savings Certificates offering an annual return of up to 9%. These certificates aim to target individuals, both within and outside Egypt, who are interested in achieving profitable interest on their dollar savings.

Speaking to "Bloomberg Al-Sharq," Abou El-Fotouh stated that the specific end date for the offering of these new certificates has not been determined yet.

He further predicted that these new certificates would achieve greater success than the previously offered dollar certificates with a 5% intetest.

Notably, Abou El-Fotouh emphasized that the bank would not inquire about the source of customers' dollars when they invest in these savings certificates.

During a phone call with Ahmed Moussa on the program on Sada Al-Balad channel, Abou El-Fotouh revealed that the Egyptian National Bank now allows personal loans with guarantees to convert the equivalent installment value in foreign currency from abroad. He mentioned that the minimum loan amount is EGP50,000, while the maximum is set at EGP3 mn.

Abou El-Fotouh added that individuals who do not have an account with the National Bank can reach out to more than 650 branches to complete the necessary documentation. He emphasized that any customer has the right to deposit any amount in dollars at the bank without restrictions.