Yahya Aboul Fotouh, deputy head of the National Bank of Egypt, said that the National Bank of Egypt and Banque Misr will continue to provide a savings certificate with an interest rate of 15% and the highest interest at the level of the banking system tomorrow without stopping despite the central fixing of interest for the third time.
Fate of 15% savings certificate
The Central Bank’s Monetary Policy Committee decided at its meeting the day before yesterday to set the interest rate for the third time, after interest rates were set during the last two meetings in April and May, at 9.25% for deposits and 10.25% for loans.
The central bank decided to cut the interest rate exceptionally by 3% at an emergency meeting on March 16 to address the repercussions of the emerging crisis of the Corona virus.
On March 22, the National Bank of Egypt and Egypt began providing the new certificate with the highest return in Egypt, after the decision to reduce the interest rate in the Central Bank exceptionally.
Abul Fotouh said that the two banks’ continued provision of a high-yield savings certificate aims to give depositors a greater opportunity to obtain a rewarding return on their savings in pounds, which helps them deal with the consequences of the Corona virus.
He added that despite the high cost of the certificate in the two banks, they surpassed the public interest of clients and the market to maximize their profitability, and this stems from their historical role in supporting and supporting the Egyptian economy.
According to officials of the previous two banks, the 15% certificate collected about 200 billion pounds, 90 days after it was presented to the National and Egyptian Bank.
Certification categories start from 1000 pounds and its multiples, for general conditions that are not renewable, issued to individuals or minors, and loans can be provided with a certificate guarantee, in addition to the ability to issue credit cards with a certificate guarantee.
The certificate can be replaced 6 months after the business day following the date of purchase (issue date), according to the exchange rules, terms and conditions that regulate it.
The two banks sell the certificate electronically, i.e. through online banking or mobile banking services, to ensure that the two banks do not accumulate in their branches.
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