In remarks to ONTV’s TV show Kelma Akhira, Abou El-Fotouh stated that the proceeds from the new certificates reached EGP 66 billion at NBE and EGP 31 at BM by Friday evening.

The vice chairman also revealed that 50 percent of proceeds were totally new money and not money coming from other certificates, adding that some people exchanged their US dollars to acquire those new certificates.

On Wednesday, Egypt’s biggest state-owned banks, NBE and BM, issued new one-year maturity saving certificates with a 25 percent yield after one year, the highest yield on record, in an aim to contain rising inflation by encouraging savings.

The certificates are also available at a 22.5 percent yield for monthly disbursement.

According to Abou El-Fotouh, more than 70 percent of the linking of certificates has been implemented through alternative channels (Al-Ahly Net, Al-Ahly Mobile and the Call Centre).

He added that the employees in the two banks were present in the branches despite the Christmas holidays in order to reduce congestion on working days.

Both banks opened their doors on Friday and Sunday, officially holidays this week, to only serve clients interested in buying the new saving certificates and those who want to exchange foreign currencies.

Friday is an official weekend holiday in Egypt; whereas Sunday is a paid holiday for both the public and private sector on the occasion of Coptic Orthodox Christmas.

The vice chairman told ONTV that those certificates will only be available for a limited period given that they were issued for the specific purpose of fighting inflation and to withdraw liquidity.

“They will not last for a long time because they have many long-term effects on investments due to their high interest,” he added.

Abou El-Fotouh stated that it was not possible to break the certificate before six months, adding that the certificates that were issued last October with a return of 17.25 percent were still available, because their duration is longer.

"Many depositors prefer a stable return over longer periods." He said

Considering the cost of those certificates for the banks, Abou El-Fotouh said the role of both NBE and BM was different than other banks as they have a role in Egypt’s monetary policies in the framework of the economic measures.

“It is possible that it will have a high cost, but we have the ability to achieve revenues in other ways and items; both banks will handle the cost for a certain period to support the Egyptian economy,” he said.