Egyptian banks officially announce the deadline for stopping work with the 25% certificates, by Investing.com

Egyptian banks officially announce the deadline for stopping work with the 25% certificates, by Investing.com
Egyptian banks officially announce the deadline for stopping work with the 25% certificates, by Investing.com
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© Reuters.

Investing.com – Mohamed El-Atreby, Chairman of the Board of Directors of Banque Misr Al-Masry, confirmed today, Tuesday, that the savings certificates – Talaat Harb – with an annual return of 25% will be suspended by the end of this month, as previously mentioned.

While the Vice President of the National Bank also announced a short while ago that the 25% certificates would be suspended before the end of this month, saying: “Approximately 260 billion pounds have been collected since the introduction of this savings certificate, to attract more than 62,000 new customers to the bank.”

The head of Banque Misr had stated in the middle of this month that the Talaat Harb certificate with an annual return of 25% had achieved the desired goal, and that within days it would be suspended, with a maximum of the end of this month.

On Wednesday, before last, Banka and Al-Ahly had offered a one-year savings certificate with an annual interest of about 25% to be spent at the end of the period, or an interest of 22.5% to be spent monthly.

While Hisham Okasha also revealed, earlier, the head of the National Bank of Egypt, that the balance of platinum certificates for a period of one year, with a return of up to 25%, and 22.5%, amounted to about 200 billion pounds, saying: “It is being studied to stop the availability of the two certificates during coming days and before the end of this month.

These returns on savings certificates are the highest in the history of Egypt, and they come in light of a wave of high inflation and a sharp decline of the Egyptian pound against foreign currencies.

Since the issuance of savings certificates, the Egyptian pound has been subjected to sharp declines, exceeding levels of 32 pounds to the dollar. However, the pound’s declines did not continue, as it recorded stability against the dollar in recent days near the 29 and 30 levels.

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