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El-Etreby told the website "Sky News Arabia"that "A savings certificate with a fixed monthly return of 18% is ongoing in Banque Misr, and there is no new decision to issue certificates with a return higher than that after the recent decision of the Central Bank to increase Benefit On deposit and borrowing".
He pointed out that the proceeds of issuing the 18% certificate at Banque Misr is close to 220 billion pounds since it was issued in March.
For his part, Aboul Fotouh mentioned to the site "Sky News Arabia"that the 18 percent certificate, which the bank started Al Ahly In its release since March, "It is continuous and is the highest cost in the market as well as the highest return and the desired is achieved and there is no intention now to issue certificates with higher interest".
He highlighted that the National Bank’s proceeds from issuing that certificate so far exceeded 470 billion pounds.
Aboul Fotouh explained that the Central Bank of Egypt’s decision to raise interest rates "It was necessary to confront inflation and the increase in commodity prices, which rose dramatically due to global changes, on top of them the war Russian-Ukrainian, and that the Central Bank monitors developments in the domestic and global market and takes its decisions in the light of this".
It should be noted that my bank Egypt And Al-Ahly (the two largest governmental banks in the country) had offered savings certificates with a fixed return of 18 percent per month for a year, after the Central Bank of Egypt’s decision to raise interest on deposits and polls by 100 basis points, or 1 percent, on March 21.
Then the Central Bank of Egypt raised a new interest rate to 2 percent on May 19, which made some expect that Banque Misr and the National Bank will issue new savings certificates with a high return of up to 20 percent, in line with the decision central bank The interest rate hike, which was denied by both banks.
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El-Etreby told “Sky News Arabia”, “The savings certificate with a fixed monthly return of 18% is continuing in Banque Misr, and there is no new decision to issue certificates with a higher return than that after the recent decision of the Central Bank to increase Benefit on deposit and borrowing.
He pointed out that the proceeds of issuing the 18% certificate at Banque Misr is close to 220 billion pounds since it was issued in March.
For his part, Aboul Fotouh mentioned to “Sky News Arabia”, that the certificate of the 18 percent, which the bank started Al Ahly In its issuance since March, “it is continuing and is the most expensive in the market as well as the highest return, and the purpose of it has been achieved, and there is no intention now to issue certificates with a higher interest.”
He highlighted that the National Bank’s proceeds from issuing that certificate so far exceeded 470 billion pounds.
Aboul Fotouh explained that the Central Bank of Egypt’s decision to raise interest rates was “necessary to confront inflation and increase commodity prices, which have risen dramatically due to global changes, primarily the war The Russian-Ukrainian Central Bank monitors developments in the domestic and global market and takes its decisions in the light of this.
It should be noted that my bank Egypt And Al-Ahly (the two largest governmental banks in the country) had offered savings certificates with a fixed return of 18 percent per month for a year, after the Central Bank of Egypt’s decision to raise interest on deposits and polls by 100 basis points, or 1 percent, on March 21.
Then the Central Bank of Egypt raised a new interest rate to 2 percent on May 19, which made some expect that Banque Misr and the National Bank will issue new savings certificates with a high return of up to 20 percent, in line with the decision central bank The interest rate hike, which was denied by both banks.