Egyptian Banks Collect EGP 380 Billion from 27% Savings Certificates

The proceeds of the 27% and 23.5% savings certificates at two of the largest state-run banks, the National Bank of Egypt (NBE) and the Banque Misr amounted to about 380 billion pounds, as of Thursday, with 135 billion pounds, and 245 billion pounds, respectively.

Mohamed El-Etreby, President of the Federation of Egyptian Banks  revealed that the proceeds from Banque Misr’s sale of certificates with a return of 23.5%, disbursed monthly, and 27% annually, have amounted to 135 billion pounds so far.

A banking source revealed that the proceeds from the sale of the new certificates at the NBE are estimated at about 245 billion pounds, as the total sale of the 23.5% and 27% certificates, whether through electronic channels or branches.

Banque Misr reissued the new saving  “Talaat Harb” certificate, which is a one-year savings certificate that enjoys a fixed rate of return throughout the duration of the certificate’s retention.The certificate has a value of 1000 pounds and its multiples and is issued to natural individuals or minors, Egyptians or foreigners, and the period is calculated starting from the business day following the purchase.

The National Bank of Egypt also introduced a new platinum certificate with an annual return rate of up to 27% and is disbursed at the end of the period, or with a return of 23.5% that is disbursed monthly.