If you remember, here in Banker, and not long ago, we revealed new tricks of the dollar gangs in Egypt, and we said that the Central Bank and its men are awake and watching what is happening, and that they will intervene at the right time to strike with an iron fist against all those who beg for themselves to manipulate the market. The exchange..and we said that there are new gangs working to ensure that Egypt does not enter into dollars from abroad, specifically from Egyptians working abroad..and we said that these gangs work on Egyptians working abroad and communicate with them and buy dollars from them at the most expensive prices and hand over the money to their families here in Egypt and take the money in the Egyptian Dollars from outside to outside.. And in the last hours, how many moves have taken place that will eliminate this phenomenon completely.. What do you think happened? How is the Central Bank, in cooperation with Egyptian banks, working on this file? .. In the video, we will tell you all the details of this dangerous file, and we will reveal to you how one of the most important and dangerous files in the banking sector is being dealt with.
In the latest report of the Central Bank on the volume of remittances of Egyptians abroad, official data revealed a decline in remittances during the first half of the current fiscal year by 23% compared to the same period of 2021-2022.
According to the Central Bank’s report on the balance of payments, remittances from Egyptians abroad during the first half of the year 2022-2023 amounted to $12 billion, compared to $15.6 billion in the same period of the last fiscal year.
This report was a wake-up call for all the oversight authorities in Egypt, and after that the movement began to confront the dollar gangs who seized it from Egyptians abroad and did not enter Egypt basically at a time when the country needed every cent, not a dollar, but it was difficult to confront these gangs because they are not under Support the agencies in Egypt and move safely outside, so there should have been outside-the-box thinking to spoil their plans and persuade Egyptians abroad to transfer money to Egypt, and here there should have been incentives to encourage people outside to put their money in legitimate channels instead of handing it over to entities that fight the country.
What do you do with banks?
Look, sir, the Central Bank is working very well in this file, and through coordination with the largest governmental bank in the country, which is the National Bank, a new savings certificate will be issued in dollars under the name of the Nile Certificate.. and the interest on it will reach 10%
The duration of the new dollar certificate will be 3 years, and the value for its purchase will be 1000 US dollars and its multiples.
The interest on the “Nile” dollar certificate will be periodic, at a rate of 9.85% on a monthly basis, and 10% on a quarterly basis.
The National Bank of Egypt specified a number of conditions for the “Nile” dollar certificate, which included that the value of the certificate may not be refunded before the lapse of 6 months starting from the working day following the day of purchase, and it is possible to recover after this period, provided that the return is recalculated according to the following recovery rates. :
More than 6 months to less than 2 years 7%.
Two years and less than 3 years 8%.
The National Bank identified the people who have the right to purchase the Nile dollar certificate, and they are
Foreigners, and Egyptians who have residency abroad and are in Egypt, – Egyptians residing abroad, and Egyptians who have another nationality (dual nationality) and are in Egypt
In the coming days, banks will offer new savings containers to Egyptians abroad, and they will have unprecedented benefits.
And from a while ago, the Commercial International Bank made available 3 new products in Saudi riyals, Qatari riyals, and UAE dirhams, including current accounts – Classic.
There are also new savings certificates for a period of 3 years with a fixed monthly return. Customers can open an account and link the certificate through the Internet banking service or the mobile banking service.
The Commercial International Bank chose the currencies of Saudi Arabia, the Emirates and Qatar, because they are the countries that have the most Egyptian workers
The minimum purchase of a savings certificate starts from 5,000 Saudi riyals, Qatari or Emirati dirhams, at an annual interest rate of 5.25% for the monthly return exchange period.
The bank allows the sale of the certificate from the first 5,000 units of any of the three currencies (Qatari riyals, Saudi riyals, or UAE dirhams), and the return is equal to the interest rate on the dollar certificate offered to it.
Of course, these moves will have an important and effective role in confronting the dollar gangs abroad and will encourage the Egyptians to invest their money and achieve the highest return in the market.
2023-06-03 23:03:45
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