For holders of certificates in the National Bank … fixing a price with a term of 3 years

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Many banks have recently fixed the annual return of savings certificates, most notably the National Bank, which recently installed the benefits of 3-year savings certificates. The reason is due to the great recovery of the Egyptian economy and there is no need for banks to raise interest in order to attract customers, so it is natural. After the economic situation recovers, the benefits and privileges of each certificate diminish and return to its natural form.

National Bank determines the interest

Today, Yahya Abul-Fotouh, Vice Chairman of the National Bank of Egypt, revealed that the bank had decided to freeze savings certificates with an annual return at a fixed 15% interest, and replaced them with another type of savings certificates with a 3-year term at a return of 12.25% per year, provided that the return on them is paid in a manner Quarterly, meaning every 3 months, while the bank offered other 3-year certificates with an interest of only 12%, provided that the return on them is monthly, i.e. disbursed every month.

This is in the context of reducing the interest on savings certificates by a decision of the Central Bank, which was announced last week. The Central Bank reduced the interest by .5% at the beginning of the year, and now it has reached 8.75% on public deposits and the reduction rate on loans reached 9.75%. This reason is due to the recovery The Egyptian economy has pumped a large number of good investments to the local markets.

Abul-Fotouh indicated that the National Bank insisted on continuing to pump platinum certificates to its customers in an attempt to compensate customers for freezing the 15% fixed-return certificates, adding that both Banque Misr and Bank of Alexandria have taken the decision to stop the high-interest platinum certificates from last Monday.

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