The proceeds of the sale have arrived 25% High Yield Savings Certificates issued by Al-Ahly Bank of Egypt and Egypt Bank to £119bn since Sunday, in light of the two banks operating dozens of branches to receive customers over the holiday season, as well as making it possible to buy certificates via ATMs.
The proceeds of the certificates in the National Bank were about £80 billion, while in Banque Misr they amounted to about £39 billion.
And Banque Misr and Al-Ahly Bank announced last Wednesday the issuance of savings bonds for a period of one year, with a yield of 25%, to be disbursed annually at the end of the period, and with a yield of 22, 5%, to be paid monthly.
Egypt has announced it will aim for high inflation rates in the new year and has also reduced the price of the pound against the dollar in the course of 2022, after agreeing with the International Monetary Fund last month a loan of 3 billions of dollars.
Egypt – which is facing a dollar supply crisis after the Russo-Ukrainian war and the impact of dollar flows on resources – is trying to cope with high inflation rates by raising interest on the pound to attract deposits of citizens in local currency.
