The Assets and Liabilities Committee (ALCO) within Banque Misr decided to keep the return of all certificates and deposits in Egyptian pounds at 11%, including the triple certificate with a monthly return.
The triple certificate with a monthly return:
Banque du Caire grants the triple Primo certificate with a fixed return, with a minimum of 1000 EGP
Certificate Duration: It is 3 years.
Exchange periodicity: disbursed monthly.
Yield Type: Fixed.
The papers required to obtain the certificate:
1- Passport for foreigners.
2- National ID card to prove identity.
3- A recent utility receipt (electricity or gas …) at the current address.
4- Birth certificate for minors.
Banque Misr denies reducing the benefits of certificates:
The President of Banque Misr “Mohamed Al-Atribi” denied that the interest rate inside Banque Misr was reduced, and that the interest on the three-year certificates still reaches 11%, indicating that there is a mistake due to the National Investment Bank certificates that extend for a year or two. The responsibility of the National Bank of Egypt was Stop it, and the National Bank issued a statement in this regard, that these certificates will be issued, but at less than the rate applied in the National Investment Bank.
The President of Banque Misr explained that the National Investment Bank certificates are not subject to the financial cover requested by the Central Bank, because the return on investment is high, indicating that there has been no reduction in the interest rate regarding the 3-year certificates and the reduction was regarding the central bank, which reduced interest by 12 % To 11% only.
This decision came within the framework of the Monetary Policy Committee decision of the Central Bank of Egypt to maintain the rate of borrowing and deposit rates for one night and the rate of the main operation of the central bank at 8.25% and 9.25%, respectively, as well as keeping the credit and discount rate at a level of 8.75%.
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