What happened in the banks in the last hours, what is the secret of the many calls that came to serve customers, and what is the story of the 40% certificates that are typical of Egypt and why there was a great controversy over them.. Let’s see the story together.
It is known that Egyptian banks offer savings certificates with a high interest rate in order to attract workers to invest in banks away from illegal markets, on the one hand, and on the other hand, to gain liquidity in the market and reduce consumption and inflation in the markets. Other than that, certificates with a high interest rate are not the ideal solution for banks because of their profit margin. There is little, but it does this in order to control the market and because of its national responsibilities, and for this reason, those who offer high-interest savings certificates are government banks..
As we know, at the height of the brutality of the black market for the dollar, the Bank of Egypt and the National Bank of Egypt announced the issuance of new certificates some time ago with a large return that reached 27% once, and this was so that the Central Bank could confront the black market and hit it under the belt, because many people were dealing with the black market for the dollar and decided to invest. There are more than one reason for the new certificates, the first of which is that investing in the market is safe and there is no risk like trading in currency. This is in addition to the spread of the counterfeit dollar and fraud operations in the parallel market. With the new certificates, banks have been able to collect a huge sum of money.
Ok, what happened in the last hours.. Look, sir, in the last hour, talk appeared that the banks issued a new certificate. With an interest of 40% once, and since then, customer service phones have not stopped ringing from people who want to inquire about the new certificate, which has an unprecedented and illogical return at the same time, because if you put a million pounds in, you will get them one million and 400 thousand pounds. This is, of course, a huge interest and does not make sense from the banks, because that is what banks do. Of course, you will lose or you will not gain anything because there is no investment that will bring these profits, even if it is in banks.
The important thing is that when the talk became a trend about the 40% certificate, the banker Mohamed Al-Etreby, head of the Egyptian Banks Union, came out and argued well about the fact that 5 banks issued investment certificates with an interest rate of 40%. Al-Etreby said that this is not true at all and that it is all rumors circulating in the market.
Al-Atreby said that the highest investment certificate available in the market at the present time is the one issued by the Bank of Egypt and the National Bank with an annual return of 27%, and which were also issued for a national motive to confront the chaos in the exchange market, as we said. The man said that banks lose part of the profits of banks that issue high-interest certificates, but the Bank of Egypt, the National Bank, and government banks in general have a national role and responsibility, and last year, for example, the Bank of Egypt achieved profits of 25 billion pounds in one year despite the crises..
2024-02-29 01:01:51
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