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Thursday, 09 April 2020

Egyptians buy high-return saving certificates worth EGP 4 billion in one day

The interest rate on the one-year "Good Egypt" certificate is 15 per cent

Ahram Online , Monday 23 Mar 2020
The Federation of Egyptian Banks (FEB) has appointed chairman of Misr Bank Mohamed El-Etreby (Photo:
Chairman of Misr Bank Mohamed El-Etreby (Photo: Al-Ahram)
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Mohamed El-Etribi, chairman of Egypt's state-owned Banque Misr, said Egyptians bought high-return deposit certificates for EGP 4 billion on Sunday.

"The interest rate on 'Good Egypt' certificates is 15 per cent. It is issued by two state-owned banks: the National Bank of Egypt and Banque Misr," said El-Etribi.

In interview with Sada El-Balad on Sunday evening, El-Etribi said Egyptians deposited EGP 2.5 billion in the former bank and EGP 1.5 billion in the latter. "The one-year certificates were designed to help the people, particularly the average-income class, mitigate the negative financial effects of the coronavirus and meet their basic needs," said El-Etribi.

Egyptians can buy the certificates by phone and clients of either of the two banks can contact the hotlines and acquire the certificates by dictating their ID number," he explained.

"That the certificate can be bought via calling the banks is intended to prevent gatherings at banks and help them adjust with online banking."

 

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