Counselor Dr. Hassan Basyouni, a member of the House of Representatives and a member of the Ten Committee for the Status of the Current Constitution, said that a number of banks, including the National Bank and Banque Misr, have launched a new savings certificate for a year with the highest interest in Egypt at 15%, paid monthly, a very good step, reflecting sophistication The administrations of those banks and their awareness of the effects of the Central Bank’s monetary policy committee decision on Monday to cut interest rates by 3%, exceptionally and urgently, in line with the economic conditions resulting from the outbreak of the Corona virus.
Bassiouni added, in a statement, that the Central Bank’s monetary policy committee’s decision to cut interest rates had negative effects on some depositors, as well as in the investment and project financing sector, which was what informed the departments of some major national banks, which immediately took a decision to issue these certificates. The new, and well done by these banks to maintain the volume of customer savings, which is a basket of funds used in investment and financing various projects.
A member of the House of Representatives pointed out that these new certificates will have significant positive effects, by encouraging depositors to save in banks, especially as they have the highest interest in Egypt with regard to savings certificates of one year, and also will have results on the investment sector, by providing the necessary financing for them.
Dr. Hassan Bassiouni pointed out that the presence of a large amount of savings with banks provides financial liquidity in banks, instead of freezing them in real estate, gold, precious stones or foreign currencies, which enables banks to play their role in supporting the production sector.
The consultant, Bassiouni, explained that most Egyptians who save their money in banks are not able to establish projects or investments of their own, which means that the exit of savings from banks will not go to production projects as some expect, as these customers prefer what is called safe investment through obtaining On an appropriate interest on their savings, saying: I see that reducing the interest rate pushes them to withdraw their money from banks and invest them in buying real estate or gold and that there will be no risk in investing in projects, in addition to the fact that most of them do not have the solvency to finance major projects, which in turn leads to increasing prices Al-Aqqa Rat and gold.
A member of the Ten Committee for the Status of the Current Constitution, the rest of the banks, called for the introduction of new savings certificates at high interest, such as the National Bank and Banque Misr.
Both the National Bank and Banque Misr had recently announced the offering of a new savings certificate for a year at the highest interest in Egypt, at 15%, to be paid monthly, with the offering starting on Sunday. These certificates are the highest interest in Egypt with regard to savings certificates of one year.
This came after the Monetary Policy Committee of the Central Bank decided on Monday to reduce the interest rate by 3%, exceptionally and urgently, which contributes to supporting economic activity in all its sectors, taking into account future expectations of inflation and consistency with achieving the target inflation rate of 9%.
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