06:21 PM
Thursday 19 May 2022
I wrote – Manal Al-Masry:
Hisham Okasha, Chairman of the Board of Directors of the National Bank of Egypt, said that the National Bank will continue to sell the savings certificate at 18% for a year without any modification.
The head of the National Bank, to Masrawy, confirmed that there is also no amendment to the platinum certificates for a period of 3 years, with an interest rate of 11%.
The Monetary Policy Committee of the Central Bank of Egypt decided, during its meeting today, Thursday, to raise interest rates by 2% to reach 11.25% for deposits and 12.25% for lending, in a major blow to confront inflation.
The monetary policy meeting of the Central Bank today came following the Central Bank of Egypt suddenly raised interest rates by 1% in an exceptional meeting on Monday, March 21, the same day that the National Bank of Egypt and Egypt began offering a high-return savings certificate of 18%.
The value of customers’ savings in the 18% high-return certificate amounted to regarding 470 billion pounds during the first two months of its presentation to the bank’s clients, according to Okasha.
Hisham Okasha explained that the total savings at the National Bank of Egypt reached 2.7 trillion pounds so far, which is the highest at the level of the banking system.
