Egyptian banks collect EGP 24 billion from 25% certificates within two days

President of the Federation of Egyptian Banks, and Banque Misr Mohamed El-Etreby revealed that the proceeds of the 25% certificate amounted to EGP 24 billion within two days of its issuance.

El-Etreby added, in televised statements, that the new certificate presented by NBE and Banque Misr will be available for a limited period, stressing that it will not exceed several weeks.

The head of Banque Misr confirmed that this scenario had been repeated before, as banks offered certificates and savings vessels with a 20% return in 2017 to curb inflation, which was already the case.

He pointed out that the aim of issuing the 25% certificates is an attempt to contain the high inflation rates, stressing that these rates will be broken, but it will take some time.

The core inflation rate in Egypt reached 21.5% on an annual basis in November 2022, compared to 19% in October 2022.

Yesterday, Banque Misr announced the offering of a savings certificate with 25% interest, for a period of one year, to be spent at the end of the period, or 22.5% interest, to be spent monthly.