Egyptian banks plan to stop selling high-yield certificates at 25% by the end of business today, Tuesday. Where the National Bank of Egypt, Cairo and Banque Misr announced the suspension of a new certificate with an annual interest rate of around 25% and a monthly interest rate of 22.5% after reaching the targets, according to informed banking sources.
For its part, the National Bank of Egypt announced the completion of the placement of annual platinum certificates with a yield of 25% and 22.5% on the basis of today’s work. According to the statement, he said that the proceeds from the sale of these certificates amounted to about 260 billion pounds and that approximately 60% of the purchases were made through alternative channels (Al-Ahly Net, Al-Ahly Mobile and the telephone network). call center) and the rest through the bank’s branches in various governorates of the Republic, which has contributed to the addition of about 75,000 new customers to the National Bank of Egypt family since the issuance of the certificate on January 4, 2023.
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Federation of Egyptian Banks President and Chairman of the Board of Directors of Banque Misr Mohamed El-Ethribi said that the proceeds from the sale of the new certificate with an annual interest rate of 25% and a monthly interest rate of 22.5% amounted to 460 billion pounds in Banque Misr and the National Bank of Egypt before working day of 29 January.
In the same context, the Banque du Caire announced that it will stop working on an Egyptian Pound “annual gold” certificate with a 25% yield payable at the end of the period and a 22.50% annual gold certificate payable. monthly, after reaching the desired goals.
The bank said in a statement that the bank will continue to offer a 3-year “Primo Gold” certificate with an annual return of 17.25%, an annual return of about 16.25% every three months and a return of 16.00% monthly.
The National Bank of Egypt and Banque Misr announced the issuance of these certificates on January 4, coinciding with the recent appreciation of the dollar against the Egyptian pound by the Central Bank of Egypt.
The issuance of these certificates came as part of a counter to the violent speculation that took place in the foreign exchange market, which led to the increase in the dollar exchange rate on the black market to the level of 38 pounds in the last week of December last year.
At the same time, this certificate will reduce the level of liquidity in the Egyptian market, which will lead to an increase in inflation to the highest level in more than 4 years.
Egyptian banks previously offered similar investment certificates in March last year after an extraordinary meeting held by the Central Bank of Egypt to announce a new strategy for dealing with the foreign exchange market and achieving a fair exchange rate for the dollar against the Egyptian pound. These certificates were able to raise around £750 billion in just two months.
