The National Bank of Egypt and Banque Misr announced that the proceeds of high-return savings certificates of 18 percent reached LE105 billion in three days.
Banks announced higher returns on savings certificates up to 18 percent three days ago, after the Central Bank of Egypt announced on Monday a raise in interest rate by 1 percent.
Banque Misr’s proceeds from selling certificates with a return of 18 percent amounted to LE33 billion within three days, Chairman of Banque Misr, Mohamed al-Etreby, said in press statements.
The National Bank of Egypt’s proceeds from selling certificates with a return of 18 percent amounted to LE72 billion, within three days, Yehia Aboul Fotouh, Vice President of the National Bank of Egypt, said.
He pointed out that the bank issued a certificate under the name of “the annual platinum certificate with a monthly return”, at a return of 18 percent annually, starting from LE1,000.
The certificate is issued for adults or minors.
The bank allows borrowing and issuing credit cards using the certificate as a guarantee. The certificate can be redeemed after the lapse of six months.