10:29 am
Saturday 04 April 2020
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I wrote – Manal Al-Masry:
The Assets and Liabilities Committee, which is responsible for determining the interest rate, in Al-Ahly, Egypt and Cairo banks – decided to reduce interest by up to 3% on my country’s dollar certificates before the Egyptians working abroad with their various deadlines.
The decision of the three banks comes after the interest rate on the dollar fell globally recently until it approached zero.
A banking source told Masrawy that the decline in interest on dollar certificates is due to the trend of all global central banks to reduce interest on the dollar to less than 1%.
At the beginning of 2016, the Central Bank of Public Banks, Al Ahly, Egypt and Cairo, approved the issuance of my country’s dollar certificate for Egyptians working abroad to counter dollarization before the decision to liberalize the exchange rate in November of the same year.
Masrawy displays the interest rate on the certificates of my country with their different terms in 3 public banks, after the decision to reduce.
1- The National Bank of Egypt:
My country’s certificate has a general deadline: interest has fallen to 1.4% instead of 3.25% annually, with a periodicity of returning the interest every half year, and the minimum purchase of the certificate starts from $ 100.
My Country’s 3-year certificate: The interest rate has fallen to 1.5% instead of 4% annually, with periodic interest-return every half a year. The minimum purchase of the certificate starts from $ 100.
My country’s certificate with 5-year terms: the interest has fallen to 1.6% instead of 4.75% annually, with a periodicity of paying the return every half a year, and the minimum purchase of the certificate starts from $ 100.
2- Banque Misr:
My certificate has a general deadline: suspended
My country’s certificate has 3-year terms: the interest rate has decreased to 2.15% annually instead of 4% annually, the periodicity of returning the interest every half year, and the minimum purchase of the certificate starts from $ 100.
My country’s certificate with 5-year terms: The interest decreased to 2.2% annually instead of 4.75%, and the periodicity of the exchange of interest every half year, and the minimum purchase of the certificate starts from $ 100.
3- Cairo Bank:
My country’s certificate has a general deadline: the interest decreased to 0.5% annually instead of 2.25%, and the periodicity of returning the interest every half year, and the minimum purchase of the certificate starts from $ 100.
My country’s certificate has 3 year terms: the interest rate has decreased to 0.75% annually instead of the 2.5% periodicity of returning the interest every half year, and the minimum purchase of the certificate starts from $ 100.
My country’s certificate has 5-year terms: the interest decreased by 0.85% annually instead of 3.75%, and the periodicity of the exchange of interest every half year, and the minimum purchase of the certificate starts from $ 100.
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