10:14 AM Monday, January 8, 2024
Written by Manal Al-Masry:
Today, Monday, the Egyptian Bank of Egypt and the National Bank of Egypt began selling the high-yield one-year certificate at two prices, an annual return of 23.5%, disbursed monthly, and 27%, disbursed annually, in branches for the first time since they officially put the certificate up for sale on Friday.
The National Bank and the Bank of Egypt, the two arms of the Central Bank to implement its monetary policy, announced last Thursday the issuance of the high-yield certificate and making it available for sale from Friday via electronic means, coinciding with the weekly holiday on Friday and Saturday and the Christmas holiday yesterday, Sunday.
This coincided with the start of maturity for a similar certificate with a one-year maturity at two interest rates of 22.5% paid monthly and 25% paid annually last Friday, and continuing until its last maturity on the first day of February.
The two banks issue the new high-interest certificate to Egyptian and foreign customers, starting from the first thousand pounds and multiples thereof.
In less than 24 hours, the certificate collected savings of about $11 billion at the National Bank and Egypt Bank via the Internet and branches in malls.
2024-01-08 08:14:00
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