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Amending withdrawal and deposit restrictions.. What does the Central Bank’s decision mean and does it pave the way?
written by Alexandra Hartman Editor-in-Chief
04:52 PM
Friday 26 August 2022
I wrote – Manal Al-Masry:
Bankers, whom Masrawy spoke to, interpreted the Central Bank’s decision to ease restrictions imposed on withdrawals and cancel the maximum transactions on deposits for companies and individuals from bank branches and automated teller machines, which were established regarding two and a half years ago.
On Thursday, the Central Bank decided to cancel the maximum limits on deposit operations for individuals and companies in bank branches and automated teller machines.
The decision also included increasing the daily maximum limit for cash withdrawals for individuals and companies from bank branches to 150 thousand pounds instead of 50 thousand pounds, while maintaining the daily withdrawal limits from ATMs unchanged at 20 thousand pounds, with the aim of facilitating citizens and companies following the decline of the Corona crisis.
Revitalizing the economy and raising interest rates
Bankers said that the decision aims to revitalize the economic movement and accelerate the production cycle on the one hand, as well as withdrawing liquidity and preparing for raising interest rates in the coming period to face the high rate of inflation.
However, bankers believe that doubling the withdrawal limits three times from the previous one will not have any effect on increasing liquidity in the market and increasing the rate of inflation, as the decision aims to give flexibility to companies.
A member of the board of directors in one of the private banks told Masrawy that the Central Bank’s lifting of restrictions on withdrawals from bank branches aims to revitalize the economic cycle and dispel stagflation.
He explained that this decision will alleviate the suffering caused to many companies to finance their needs in light of withdrawal restrictions that have stifled their business.
The member of the board of directors ruled out the impact of canceling withdrawal restrictions on the rise in inflation to increase the volume of liquidity, as this decision targets companies more than individuals who have already started rationalizing their expenses following increasing prices.
The head of the treasury sector in a foreign bank believes that the Central Bank’s lifting of deposit restrictions on companies and individuals in bank branches and ATMs aims to absorb liquidity in preparation for raising interest in the next meeting, which is the main objective of it.
This decision came in addition to the circular issued on April 22, 2020 regarding the maximum limits for cash withdrawals and deposits for individuals and companies in banks and automated teller machines, which was implemented for a temporary period as part of the precautionary measures to confront the Corona virus pandemic.
Tariq Amer, the former governor of the Central Bank, who submitted his resignation from his position on Wednesday of last week, had the effect of these instructions to reduce cash withdrawals, which is one of the means of transmitting the Corona virus, as paper is one of the tools that help in transmitting the virus and motivates more to mechanize their payments.
A new rise in the price of the dollar today, Wednesday, in banks, in the middle of the deal
written by Alexandra Hartman Editor-in-Chief
11:56 p.m
Wednesday 24 August 2022
I wrote – Sherine Salah:
The exchange rate of the dollar once morest the pound rose by one piaster in 5 banks, with the middle of trading today, Wednesday, compared to the beginning of trading today.
The price of the dollar rose by two piasters yesterday for the first time during the era of the new central bank governor, Hassan Abdullah.
Dollar prices today
The National Bank of Egypt: 19.13 pounds for purchase, and 19.19 pounds for sale, with an increase of a penny.
Banque Misr: 19.12 pounds for purchase, and 19.18 pounds for sale.
Bank of Alexandria: 19.14 pounds for purchase, and 19.20 pounds for sale.
Banque du Caire: 19.15 pounds for purchase, and 19.21 pounds for sale, with an increase of a penny.
Commercial International Bank: 19.15 pounds for purchase, and 19.21 pounds for sale, with an increase of a penny.
Arab African Bank: 19.10 pounds for purchase, and 19.20 pounds for sale.
Suez Canal Bank: 19.10 pounds for purchase, and 19.20 pounds for sale.
Abu Dhabi Islamic Bank: 19.18 pounds for purchase, and 19.21 pounds for sale, with an increase of a penny.
Credit Agricole Bank: 19.13 pounds for purchase, and 19.20 pounds for sale.
Al Baraka Bank: EGP 19.10 for buying, and EGP 19.20 for selling, with an increase of two piasters.
Details of interest rates on certificates after the Central Bank’s meeting with
written by Alexandra Hartman Editor-in-Chief
I wrote – Manal Al-Masry:
Banks continue to offer savings certificates at the same interest rates without change following the Central Bank fixed interest yesterday, Thursday, in the first meeting of the Monetary Policy Committee following the appointment of the new acting central bank governor.
The Monetary Policy Committee of the Central Bank of Egypt decided in its meeting on Thursday to keep deposit and lending interest rates unchanged for the second time in a row.
Yesterday, Thursday, President Abdel Fattah El-Sisi issued a republican decision appointing Hassan Abdullah as acting central bank governor, a day following Tarek Amer resigned from the position of central bank governor.
Masrawy offers the interest rate on certificates with a maturity of 3 years, the return of which is at the top of the return of the rest of the savings vessels in banks, following the Central Bank’s decision yesterday to fix the interest.
Nasser Social Bank
Triple Certificate: The interest rate is 15%, the return is paid annually, or 14.25% is paid quarterly, or 14% is paid monthly, and its purchase starts from the first thousand pounds as a minimum.
Triple Certificate (Give Back) for the elderly only: at a return rate of 15.25%, the return is paid annually, or 14.5% is paid on a quarterly basis, or 14.25% is paid monthly, and its purchase starts from the first thousand pounds as a minimum.
National Bank of Egypt
The platinum certificate is for a period of 3 years for a fixed return: the interest rate is 14% annually, and the return is paid monthly, and its purchase starts from the first thousand pounds as a minimum.
Egypt Bank
The Summit Certificate is for a period of 3 years for a fixed return: the interest rate is 14% annually, the return is paid monthly, and its purchase starts from the first thousand pounds as a minimum.
Al Baraka Bank of Egypt
A savings certificate with a variable return for a period of 3 years: a variable return according to the results of the business, and the return should not be less than 14% annually with a monthly exchange period, and it is purchased from the first thousand pounds.
Arab African International Bank
Triple Certificate Emerald: The interest rate ranges between 13.75% annually and the return is paid monthly, 14% is paid quarterly, 14.125% is paid semi-annually, and 14.25% is paid annually, and its purchase starts from the first 5,000 pounds as a minimum.
Housing & Development Bank:
3-year certificate: with interest ranging between 13.5% annually for the monthly return period, and 13.75% annually for the quarterly return period, and its purchase starts from the first thousand pounds as a minimum.
Royal Certificate: The Development Bank sells this certificate at an interest rate of 14.25%, to be paid annually, provided that the minimum purchase amount is not less than one million pounds.
Al Ahli Bank of Kuwait
3-year certificate: with an interest rate of 13.5% annually, with a monthly periodicity to pay the return, and its purchase starts from the first thousand pounds as a minimum.
Triple certificate, which can be purchased from one million pounds: the interest rate is 14%, and it is paid monthly.
Egyptian Export Development Bank
He sells a triple saving certificate with an interest of 14% annually, paid annually, and starts buying it from the first thousand pounds as a minimum.
Commercial International Bank CIB
Triple Certificate: It offers an interest of 13.5% annually and the return is paid monthly with a fixed return, provided that the minimum purchase of the certificate is not less than 100,000 pounds.
4-year certificate: offers an interest rate of 14% annually, provided that the minimum purchase of the certificate is not less than 100,000 pounds.
Attijariwafa Bank of Egypt
Triple Certificate of Fixed Return: The interest rate following the increase ranged 13.5% for the monthly return, 13.7% annually for the quarterly return, 13.8% annually for the annual return, and 14% at the end of the three years.
And start buying it from the first 20 thousand pounds as a minimum.
SAIB Bank
The triple certificate (the saver): sells a certificate with an interest rate of 13.5% annually, and the return is paid monthly, and it is purchased from the first 5 thousand pounds.
Triple Certificate (Excellent): The return is recorded at 14% annually for the monthly return periodicity, but its purchase starts from the first million pounds as a minimum.
Abu Dhabi Commercial Bank Egypt
My Triple Money Certificate: The interest rate ranges between 13.5% per month, 13.6%, quarterly, and 13.75%, semi-annual, and it starts from the first 5,000 pounds.
Triple Certificate (Excellence): The interest rate is 14% annually, and the return is paid monthly, provided that the minimum purchase amount is not less than 250 thousand pounds.
QNB Al Ahli Bank
3-year certificate: with interest ranging between 13.5% annually for the monthly interest-disbursement periodic, and 13.75% annually for the quarterly return-disbursement periodic, and its purchase starts from the first thousand pounds as a minimum.
HSBC Bank
3-year certificate: with an interest of 13% annually, with a monthly periodicity to pay the return, and its purchase starts from the first 5,000 pounds as a minimum.
Mashreq Bank
Triple Certificate: The interest rate is 13.5% annually and the return is paid monthly.
Cairo Bank
Primo Extra Certificate: The interest rate ranges between 13.25% annually, monthly return, and 13.5% annually, quarterly return, and its purchase starts from the first 5,000 pounds as a minimum.
Egyptian Gulf Bank
It offers a triple (Premium) certificate for a fixed return: the interest rate is 13.5% annually and the return is paid monthly, and its purchase starts from the first 50,000 pounds as a minimum.
National bank of Kuwait
Triple Certificate of Fixed Return: The interest rate is 13.5% annually, and the return is paid monthly, provided that the purchase limits are not less than half a million pounds.
Arab Bank:
Triple Certificate of Fixed Return: The interest rate is 13% annually, the return is paid daily, and its purchase starts from the first 10,000 pounds as a minimum.
Bank of Alexandria
Triple savings certificate: the interest rate ranges from 12.5% annually, the return is paid monthly, and 12.75% is paid quarterly, and its purchase starts from the first thousand pounds.
Arab International Bank
Triple Certificate of Fixed Return: The interest rate ranges between 12%, the return is paid monthly, 12.25% is paid quarterly, 12.5% is paid semi-annually, and 12.75% is paid annually, and its purchase starts from the first 5,000 pounds as a minimum.
Med Bank:
It presents a triple certificate: the interest rate is 11.25% annually, the return is paid in advance monthly, and the interest has not been raised yet, and its purchase starts from the first thousand pounds.
First Abu Dhabi Bank
He sells a triple certificate: the interest rate ranges between 10% annually for the monthly return periodicity, 10.25 % annually for the quarterly return periodicity, and 10.4% for the annual return periodicity, and the bank did not move the interest on it like other banks.
Emirates NBD Bank:
Triple Certificate of Fixed Return: The interest rate is 10% annually, and the return will be paid monthly, and the interest has not been raised on it like other competing banks.
real estate Bank
Triple Certificate of Fixed Return: The interest rate ranges between 11% annually, the return is paid monthly, and 11.25% annually, the return is paid quarterly.
Egyptian Agricultural Bank:
Triple Certificate of Fixed Return: The interest rate is 11% annually, and the return is paid monthly.
Arab Investment Bank:
Triple Certificate: The interest rate is 11% annually, the return is paid monthly, and its purchase starts from the first 10,000 pounds as a minimum.