Banque Misr denies issuing a dollar certificate with 17% interest

I wrote – Manal Al-Masry:

Mohamed El-Etreby, Chairman of the Board of Directors of Banque Misr, told Masrawy that the news circulating about the bank issuing a dollar certificate with a high interest rate of up to 17% annually under the name “The Future” is incorrect, and the bank did not offer any new certificates.

This came in response to a question by Masrawy about the truth about what is being circulated on some pages on social media, “Social Media”, by issuing a dollar certificate for 3 years to Egyptians working abroad and foreign residents at a fixed rate of 17% in the name of “the future.”

Some social media pioneers also circulated news yesterday about banks offering a 3-year dollar certificate at a 10% interest rate for fixed return, which has not been confirmed yet.

The Russian-Ukrainian war caused an outflow of indirect foreign investments from Egypt by about $22 billion over the past year, which led to a shortage of foreign currencies due to a decline in supply and an increase in demand.

Banque Misr and other banks offer dollar savings certificates at an interest rate ranging from 5% to 5.30% annually for a period of 3 years, depending on the periodicity of the monthly, quarterly or annual return, which is the highest return offered in the banking system today.