Saturday, July 13, 2019
Banque Misr and Al Ahly have decided to keep the three-digit high yield savings certificates at the bank level following the central bank's decision to confirm the interest rate.
On Thursday, the central bank decided to keep the interest rate unchanged for the third consecutive time at a meeting of the MPC to average the coridor price between 15.75% on the deposit and 16.74% on the loan.
Mohamed Al-Ettrabi, president of Banque Misr, stated in a private statement to Masraoui that the bank will not currently transfer interest on the 15% high yield savings certificate and will remain unchanged.
Banque Misr issues a 15% savings certificate and the proceeds are paid monthly for three years.
Yahia Abul Fotouh, Vice President of the NCB, said the bank has decided to keep the three high yield certificates, either the 15% certificate that pays the dividend per month for three years or the certificate of 15.25%, which it is paid quarterly for 3 months.
Mahmoud Montasser, CEO of the National Investment Bank, said his bank would take the same direction as the Egyptian and Ahli banks and maintain the 15.75% return on investment certificates.
The National Investment Bank has sold its certificates through branches of the National Bank for decades, in accordance with the agreement between the two banks.
The total proceeds from the sale of the total certificates in the banks of Ahli and Egypt after the liberalization of the exchange rate of 800 billion pounds range from over 550 billion pounds to Ahli and 260 billion pounds to Bank Misr, according to officials of the two banks .
Bank of Egypt