During a one-to-one with the Top 50 Women Forum, Political and Economic expert Mai El Batran shared her expert opinion concerning the recent 7% Dollar Saving Certificates offered by Banque Misr and the National Bank of Egypt. She also gave professional insights related to investment and talked about the banking system in Egypt.
When asked about her opinion about the certificates, she stated: The National Bank of Egypt and Banque Misr have released new USD certificates with high returns. The feedback on these certificates has been positive and constructive and conveyed a powerful message over the past five days.
We have collected approximately $1 billion from both Egyptians within the country and abroad, as well as some unexpected contributions from foreigners.
This demonstrates the trust in Egypt, the growth rates of the Egyptian economy, as well as the strength of the banks and banking sector.
El Batran further explained: It is commendable that the Central Bank of Egypt has taken the initiative to introduce new certificates that will encourage the return of the dollar to the banking system. This move sends a positive signal about the strength of the Egyptian economy and the prospects of the banking sector in the future.
The return on the dollar savings certificates in either EGP or USD at 7%-9%, is considered the highest in the world. Thus, the Egyptian government has confidence that its projects can get such high returns on their investments, which conveys that the government is working according to a good plan. The Government can fulfill all its economic goals, sending powerful messages locally and globally.
The newly launched dollar certificates can benefit Egyptians living abroad with families residing in Egypt. They can get their return three years in advance in EGP with a higher return of 9%; they benefit by sending money to their families while preserving the amount of their savings. In addition, they can have a return in dollars with an interest rate of 7%.
During the interview, she also made sure to thank CIB officials: I want to extend my appreciation to the officials at Central Bank, who gave me hope as an Egyptian and as one of is working in the business sector, and who is very interested in youth and their future. They have also given youth hope in their government and the Central Bank.
The spreading assumption that Egypt is going to end up like any other country is not valid. Egyptian’s will and intentions can save their economy and their currency. Egyptians are dealing with each other as one family seeking to protect its interests, homeland, and currency. We have conveyed powerful messages over the past couple of days that the Egyptians are protecting their home country and that the future will be better.
Recently, the Central Bank of Egypt has managed to increase its dollar reserves despite the presence of a black market challenging its decisions. Its dollar portfolio has grown slightly over the past three months, enabling it to pay off all state liabilities, which convey reassurance messages.
The CBE has also been innovative and proactive while making this decision, acting as a role model for the youth and encouraging them to innovate. Thus, the CBE was a pioneer in introducing new savings options, curbing the black market, and giving both Egyptians and, surprisingly foreigners too, the chance to invest their dollar savings. The CBE has come up with a lot of solutions to the challenges it is facing.
She concluded by praising Egypt’s banking system, saying: The banking system in Egypt has a long and successful history that is rooted in trust. We are confident that our banking sector, which has a long history of achievements, will continue to have a bright future for investment opportunities, the banking system, and the future of our youth.