Mohamed El-Etreby, Chairman of the Federation of Egyptian Banks (FEB) and President of Banque Misr, said that savings certificates with an annual return of 25% have so far managed to collect EGP 335 billion, including EGP 120 billion for Banque Misr and the rest for the National Bank of Egypt (NBE).
El-Etreby added that it is scheduled to stop working before the end of this month, expecting that Banque du Caire, the Commercial International Bank (CIB) and other banks that issued similar certificates will stop them as soon as the Banque Misr and NBE stop the issuance.
He explained that the real estate financing initiatives, Sakan Misr, Dar Misr, and Jannah projects, with interest rates of 3% and 8% are still standing, but their affiliation has moved from the CBE to the Ministry of Housing, as the 3% initiative belongs to the Limited-income citizens in two categories: the first is for those with an income of EGP 4,500 and EGP 6,000 for a married person. The value of the unit is determined by the Social Housing Fund.
The second category is for units whose price does not exceed EGP 1.4 million, and benefits single citizens with an income of EGP 10,000 and 14,000 for a married ones.
He added that the 8% initiative addresses units whose price does not exceed EGP 2.5 million with a maximum income of EGP 40,000 for the bachelor and EGP 50,000 for the married. The units must be fully finished and ready to live.
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