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On Sunday, the National Bank of Egypt and Egypt made it possible to purchase the 15% certificate for customers in the bank’s branches or online at the bank’s internet and call center to avoid crowds and protect citizens from the Corona virus.
This comes at a time when banking experts ruled out any contradiction between the central bank’s monetary policy trends and its recent decision to cut interest rates by 3% exceptionally during an emergency meeting of the committee, last week, in light of supporting the crisis that casts a shadow on the global and local markets, stressing that the proposal The new certificate came in coordination with the Central Bank, especially since the two banks are owned by the government, said Mohamed Abdel-Aal, a prominent banking expert.
And “Abdel-Al” stressed to “Al-Masry Al-Youm” that the two banks will be compensated for the price differences in the interest granted by the central bank, especially since there is a package of financial procedures decided by the government with presidential instructions estimated at about 100 billion pounds.
For his part, Mohamed Al-Atribi, President of Banque Misr, said in a special statement, that the bank’s decision to offer a certificate with a 15% return for a year aimed at supporting depositors in the conditions the country is going through, which was also confirmed by his deputy, Akef Al-Maghrabi, to overcome “the expected oppressive conditions.”
It is decided, according to the statement of “Al-Maghrabi”, for “Al-Masry Al-Youm”, that a savings certificate will be issued for a period of one year, with a return of 15% paid per month. The move of the two largest banks in the market aims to support the sectors affected by the Corona virus, foremost of which are the Egyptian Stock Exchange and the family sector.
The Central Bank of Egypt has taken a number of measures this week to support the Egyptian economy in the face of Corona.
The Monetary Policy Committee of the Central Bank decided last Monday to reduce the interest rate by 3%, exceptionally and urgently, which contributes to supporting economic activity in all its sectors, taking into account the future expectations of inflation and its consistency with achieving the target inflation rate of 9%.
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