Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egyptian Banks Collect EGP 460 Billion from 25%, 22.5% Saving Certificates


Mon 30 Jan 2023 | 01:09 AM
Taarek Refaat

Mohamed El-Etreby, Chairman of the Board of Directors of Banque Misr said that the proceeds from selling the new certificate with an annual interest of 25% and a monthly interest of 22.5% amounted to EGP 460 billion in Banque Misr and the National Bank of Egypt (NBE) so far, noting that 30% of the proceeds are from outside the banks.

El-Etreby explained in statements on Sunday, that there is an improvement in dollar resources, referring to the confidence of international institutions in the Egyptian economy, which started to buy treasury bills, pointing out that there is an US investor who transferred a large amount in dollars to buy the new certificate with an interest of 25%.

He stressed that the return of indirect foreign investments confirms the return of confidence in the Egyptian economy, pointing to the existence of a single official market for the currency, which encourages more direct investments.

The head of Banque Misr indicated that there is a significant decrease in the volume of goods stacked in the ports, which means that these goods and raw materials will enter the factories, and thus run the production wheel and lower inflation.

He had stated earlier that the issuance of the Talaat Harb’s certificate will stop by the end of a working day on Tuesday 1/31/2023, as previously mentioned, indicating that the new certificate has achieved its intended objective.

It should be noted that the bank's resort to issuing a certificate with a return of 25% aims to address inflation and dollarization.