Vice President of the National Bank: 66 billion pounds, proceeds from the sale of certificates so far 25%
Yehia Abul Photoh, Vice Chairman of the Board of Directors of the National Bank of Egypt, said there is strong demand from citizens for the certificates offered by the National Bank of Egypt and the National Bank of Egypt, with a yield of 25%. .
As of Saturday evening, certificates generated £66bn in revenue in just 48 hours, with Banque Misr generating £31bn.
Abul Photouh explained that more than 70% of the binding of certificates is implemented through alternative channels, Al-Ahli Net, Al-Ahli Mobile and the call center.
He noted that the employees of the two banks are present in the branches, despite the Christmas holidays, in order to reduce the crowds in front of the bank branches on weekdays.
He predicted that the period of issuance of these certificates would not be long or indefinite, given that they were issued for specific purposes, to withdraw liquidity and fight inflation, and that they would not last long because they had many long-term implications for investments and others, given the high interest rates indicating that the certificate cannot be violated after its conclusion before the expiration of six months, and that, despite the issuance of 25% certificates, the certificates that were offered in October last year with a yield The 17.25% is retained because their duration is longer and many savers prefer stable returns over longer periods.
He added: “About 50% of the income from 25 percent certificates is new money that is not received from other certificates, and that some people have abandoned the dollar to buy 25 percent certificates,” indicating that the role of Al Banka “ Ahly and Misr are different from other banks and they have a role in monetary policy in light of the economic framework in general for their national role and the cost may be high but in the context of macroeconomic measures it is important and we have there is an opportunity to make a profit on other items, and two banks bear expenses for a certain period to support the Egyptian economy.
He added: “The current price of the dollar is very fair and I don’t expect it to rise again.”
The National Bank also revealed an increase in the balance of new platinum certificates issued at the end of the period, with a yield of up to 25%, amounted to 60 billion pounds, and more than 70% of them were sold through alternative channels Al-Ahly Net and Al-Ahly Mobile » and call center.
Last Wednesday, the National Bank of Egypt offered a new annual savings certificate with a 25% yield to be spent at the end of the certificate or a 22.5% yield to be spent monthly, as of today, January. 4, 2023, and before that, it offered certificates with a yield of 17.25% for three years. However, as the highest yield at that time, the inflation rate exceeded 21% and recorded 21.5% according to the Central Bank of Egypt. , while according to the Central Agency for Public Mobilization and Statistics it was 18.7%, amid expectations of further inflation in line with December figures, which are expected to be announced within a few days.
It is worth noting that the new savings certificate issued by the National Bank is issued in denominations of 1,000 pounds sterling and its multiples of the denomination, and the bank focuses on this new certificate of individuals, adults and minors, Egyptians and foreigners, and interest is accrued from the day after the purchase of the certificate directly , and it can be borrowed with its guarantee for a period, and it is not allowed to restore the value of the certificate before the expiration of 6 months, starting from the business day following the day of purchase, and the certificate must be restored at the end of its validity on its full face value and it can be repaid before that date in accordance with the values determined by the bank.
Source: Cairo 24