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Researcher and economic analyst, Dr Ahmed Abu Ali, said the decision to increase the yield of dollar certificates "A very important economic step, perhaps too late Egyptian bankssince it aims to attract the money of the Egyptians abroad, which are about 14 million Egyptians, according to data from the Ministry of Immigration".
He continued: "The decision came after a meeting of the Banking Association with Central Bank of EgyptAnd to discuss the idea of attracting Egyptians’ money abroad, and of attracting the dollar and the exchange by offering new instruments or increasing the yield, especially since the Central Bank of the United States has increased the interest several times until it reaches between 3 and 3.25 percent, while the yields on dollar certificates in Egypt were lower, by 2.5%.".
confirmed "Abu Ali" In an interview with the site "Sky News Arabia Economy": "This step comes to maintain the attraction of dollar liquidity, especially as dollar certificate yield rates must be in line with U.S. interest rates, and there is no doubt that such a decision will have a strong and positive impact. on the volume of remittances from Egyptian workers abroad.".
New entries:
• The yield of the new certificates reached 5.30% pa, 5.25% semiannual, 5.20% quarterly and 5.15% monthly, with a minimum of $ 100 and its multiples in Banque Misr, and a minimum of $ 500 and its multiples in the National Bank, which is for 3 years.
• It’s inside Ahli BankThere is also the Egyptian dollar certificate with a duration of 5 years, its interest rate varies between 5.15% for the annual yield, 5.10% semi-annual, 5.05% per annum for a quarterly yield period. – disbursement and 5% per annum for a monthly return-disbursement period, with a minimum purchase starting from $ 500 and its multiples.
• The National Bank offers the Egyptian people a dollar certificate with a duration of 7 years, with an interest of up to 5.05% over an annual exchange period, 5% semi-annual, 4.95% quarterly and 4.90% monthly .
• Interest rates for dollar certificates will begin operating on October 9th.
• The timing of the yield increase coincides with efforts to eliminate parallel market and currency speculation as part of the Central Bank’s efforts to stabilize the foreign exchange market.
• The decision represents an opportunity to attract the dollar that its owners hold for investment in the form of medium- or long-term certificates, and to encourage green currency reserves to deposit it in banks.
According to data from the Central Bank of Egypt, the value of Egyptians’ remittances abroad increased by 1.6% in the last fiscal year (2021-2022), to reach approximately 31.9 billion dollars, compared to 31.4 billion dollars the previous year.
Open the investment appetite
It is complete "Abu Ali" In an interview with the site "Sky News Arabia Economy": "Most of the Egyptian remittances have been aimed at the parallel market and speculation, which requires an increase in yield to motivate those who hoard the dollar to deposit it in banks.".
Consistency: "The tendency of banks to increase the yield on dollar certificates is an attempt to strike a balance between the terms of deposits and the terms of financing and lending, especially since most dollar and foreign currency deposits at banks in Egypt are short. term.".
He continued: "Banks are preparing at the same time to increase the demand for dollar loans to finance investment projects, as well as open the investment and loan appetite to expand existing projects that need foreign currency loans to import machinery and equipment, which will be in the medium and long term.".
"The decision to increase the yield on dollar savings bonds arises in the context of achieving a balance between the terms and use of dollar deposits, as most foreign currency deposits are short-term and, in return, most of the deposits are in sterling with certificates, which realizes the diversification of the savings basket in banks to adapt to the diversity of financing and lending conditions" According to the economist.
He explained: "The new decision will help stimulate national saving in foreign currency, and therefore will be used to finance national development projects, especially as these projects will need foreign currency financing as most of them are in the energy and refining sector. of oil, in addition to the projects of the axis of the Suez Canal.".
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Economic researcher and analyst Dr Ahmed Abu Ali said the decision to increase the yield of dollar certificates is “a very important economic step and could be long overdue.” Egyptian banksAs it aims to attract Egyptians’ money abroad, which is about 14 million, according to data from the Ministry of Immigration.
And he continued: “The decision came after the Association of Banks met with … Central Bank of EgyptAnd to discuss the idea of attracting Egyptians’ money abroad, and of attracting the dollar and the exchange by offering new instruments or increasing the yield, especially since the Central Bank of the United States has increased the interest several times until it reaches between 3 and 3.25 percent, while the dollar certificate yields in Egypt were less than 2.5 percent.
In his interview with Iqtisad Sky News Arabia, Abu Ali pointed out: “This step comes to maintain the attraction of dollar liquidity, especially as the yield rates of dollar certificates must be in line with US interest rates, and there is no doubt that such a decision will have strong and positive repercussions on the volume of remittances of Egyptian workers abroad.
New entries:
• The yield of the new certificates reached 5.30% pa, 5.25% semiannual, 5.20% quarterly and 5.15% monthly, with a minimum of $ 100 and its multiples in Banque Misr, and a minimum of $ 500 and its multiples in the National Bank, which is for 3 years.
• It’s inside Ahli BankThere is also the Egyptian dollar certificate with a duration of 5 years, its interest rate varies between 5.15 percent for the annual return, 5.10 percent semi-annual, 5.05 percent annually for a quarterly period. of return-disbursement and 5% per annum for a monthly return-disbursement period, with a minimum purchase Starting from $ 500 and its multiples.
• The National Bank offers the Egyptian people a dollar certificate with a duration of 7 years, with an interest of up to 5.05% over an annual exchange period, 5% semi-annual, 4.95% quarterly and 4.90% monthly .
• Interest rates for dollar certificates will begin operating on October 9th.
• The timing of the yield increase coincides with efforts to eliminate parallel market and currency speculation as part of the Central Bank’s efforts to stabilize the foreign exchange market.
• The decision represents an opportunity to attract the dollar that its owners hold for investment in the form of medium- or long-term certificates, and to encourage green currency reserves to deposit it in banks.
According to data from the Central Bank of Egypt, the value of Egyptians’ remittances abroad increased by 1.6% in the last fiscal year (2021-2022), to reach approximately 31.9 billion dollars, compared to 31.4 billion dollars the previous year.
Open the investment appetite
And Abu Ali continued, in his interview with the site “Sky News Arabia”, “The highest percentage of Egyptians’ remittances went to parallel market and speculation, which requires an increase in yield to motivate those who hoard the dollar to deposit it in banks. “
He added: “The tendency of banks to increase the yield on dollar certificates is an attempt to strike a balance between the terms of deposits and the terms of financing and lending, especially since most dollar and foreign currency deposits with banks in Egypt it is short-term “.
He continued: “Banks are preparing at the same time to increase the demand for dollar loans to finance investment projects, as well as open the appetite for investment and loans to expand existing projects that need foreign currency loans in order to to import machinery and equipment, which will be in the medium and long term “.
Furthermore, the decision to increase the yield on dollar savings bonds arises in the context of achieving a balance between the terms and use of dollar deposits, as most foreign currency deposits are short-term and, in exchange, most of the deposits are in dollars. sterling with certificates, which realizes the diversification of the savings basket in banks to adapt to the diversity of financing and loan terms, ‘says the economist.
He explained: “The new decision will help stimulate national saving in foreign currencies, and thus they will be used to finance national development projects, especially since these projects will need foreign currency financing because most of it is in the refining of foreign currencies. energy and oil sector, in addition to the Suez Canal axis projects “.
