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Two officials confirmed Banque Misr and Al-Ahly Bankthat "The interests will continue to be fixed monthly for a year for those who issued them from the customers of the two banks, while new customers will not be able to save their money on the same certificates with that interest after today.".
head revealed Egypt Bank and the Union of Arab Banks, Mohammed Al-Etrebiin a statement to the site "Sky News Arabia"that "Banque Misr’s proceeds from issuing the 18 percent certificates amounted to 240 billion pounds until the end of work today, Monday".
He pointed out that these certificates "achieved the desired"adding: "It has been discontinued because since its launch was announced, it has been confirmed that it is temporary and will stop when its purpose has expired".
On his part, the Vice President Ahli Bank the Egyptian, Yahya Aboul Fotouhto site "Sky News Arabia"The bank’s proceeds from issuing these certificates amounted to 515 billion pounds".
The two Egyptian banking officials stated, "It was decided to raise the interest in the two mentioned banks on saving certificates with a fixed monthly return for a period of three years, from 11 percent to 14 percent.".
They confirmed that the certificates have a return of 14 percent "It is currently the highest among all banks, and various types of savings certificates, and it comes in line with the decision of central bank The latter raises interest on deposits and borrowings".
They added that these new certificates "Available for new customers only, or for those whose previous certificates have expired and wish to renew them at the new interest rate, i.e. 14 percent".
And about plans to issue certificates with a high return again, especially with the intention of the US Federal Bank to raise interest rates frequently this year, which will certainly be followed by raising interest rates in Egypt, the two officials considered that this talk "before it’s time".
They pointed out that "The market and its requirements will be studied according to the latest developments, and that no certificates above 18 percent have been offered despite the recent interest rate hike in America and Egypt.".
They stressed that so far, all indicators are moving in the direction of maintaining the issuance of savings certificates with a fixed monthly return for 3 years at an interest of only 14 percent, and that if there was an intention to issue certificates higher than 18 percent, why was it stopped in the first place.
It is noteworthy that Banque Misr and Al-Ahly Bank (the two largest government banks in Egypt) 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 deposit and borrowing by 100 basis points, or 1 percent, on March 21 last .
Despite the fact that on May 19, the Central Bank raised a new interest rate of 2 percent, the two banks, contrary to expectations, did not issue certificates with a return of 20 percent, but rather stopped the 18 percent certificates.
In its latest decisions, the Monetary Policy Committee of the Central Bank of Egypt raised the overnight lending rate to 12.25 percent from 10.25 percent, and increased the overnight deposit rate to 11.25 percent from 9.25 percent.
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Two officials confirmed Banque Misr and Al-Ahly Bankthat “the interests will continue to be fixed monthly for a year for those who issued them from the clients of the two banks, while new clients will not be able to save their money on the same certificates with that interest after today.”
head revealed Egypt Bank and the Union of Arab Banks, Mohammed Al-EtrebiIn statements to “Sky News Arabia”, “The Bank of Egypt’s proceeds from issuing the 18 percent certificates amounted to 240 billion pounds until the end of work today, Monday.”
He pointed out that these certificates “achieved what they wanted,” adding: “They were suspended because, since the announcement of their offering, it has been confirmed that they are temporary and stop when their purpose has expired.”
On his part, the Vice President Ahli Bank the Egyptian, Yahya Aboul FotouhAccording to “Sky News Arabia”, the bank’s proceeds from issuing these certificates amounted to 515 billion pounds.
The two Egyptian banking officials stated, “It was decided to raise the interest in the two mentioned banks on saving certificates with a fixed monthly return for three years, from 11 percent to 14 percent.”
They stressed that the certificates with a return of 14 percent “are currently the highest among all banks, and the various types of savings certificates, and come in line with the decision central bank The latter raises interest on deposits and borrowings.
They added that these new certificates are “available to new customers only, or to those whose previous certificates have expired and wish to renew them at the new interest rate, i.e. 14 percent.”
Regarding plans to issue certificates with high returns again, especially with the US Federal Bank’s intention to raise interest rates frequently this year, which will certainly be followed by raising interest rates in Egypt, the two officials considered this talk “premature.”
They pointed out that “the market and its requirements will be studied according to the latest developments, and that no certificates higher than 18 percent have been offered despite the recent interest rate hike in America and Egypt.”
They stressed that so far, all indicators are moving in the direction of maintaining the issuance of savings certificates with a fixed monthly return for 3 years at an interest of only 14 percent, and that if there was an intention to issue certificates higher than 18 percent, why was it stopped in the first place.
It is noteworthy that Banque Misr and Al-Ahly Bank (the two largest government banks in Egypt) 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 deposit and borrowing by 100 basis points, or 1 percent, on March 21 last .
Despite the fact that on May 19, the Central Bank raised a new interest rate of 2 percent, the two banks, contrary to expectations, did not issue certificates with a return of 20 percent, but rather stopped the 18 percent certificates.
In its latest decisions, the Monetary Policy Committee of the Central Bank of Egypt raised the overnight lending rate to 12.25 percent from 10.25 percent, and increased the overnight deposit rate to 11.25 percent from 9.25 percent.