NBE, Banque Misr Collect EGP 400bn From Their 25% Certificates

by nevine

According to Dily News, The National Bank of Egypt (NBE) and Banque Misr have attracted an estimated EGP 400bn from the 25% certificate since its launch earlier this month.

The National Bank of Egypt revealed that the balance of the certificates of 25% and 22.5% had reached EGP 260bn.

In a statement issued on Tuesday, the bank stated that approximately 60% of the proceeds from that certificate were obtained through alternative channels such as Al-Ahly Net, Al-Ahly Mobile, and the bank’s call center, with the remainder obtained through the bank’s branches located throughout the Republic.

It has so far attracted about 62,000 new customers to the bank, and it is scheduled to be stopped by the end of this month.

Mohamed El-Etreby, Chairperson of Banque Misr, said that the certificate’s proceeds amounted to EGP 140bn since its issuance.

The two banks issued that certificate on 4 January, for a period of one year, with an annual interest of 25% spent at the end of the period, or 22.5% spent monthly.

The two banks resorted to offering that certificate in order to combat inflation and attract foreign exchange, as part of their role as the two largest government banks in the Egyptian market.

The certificate is issued in denominations of EGP 1,000 and its multiples and is available to natural persons, adults and minors, and to Egyptians and foreigners.

The interest is calculated from the day following the direct purchase of the certificate, and it is possible to borrow against its guarantee during the period, but it is not possible to recover its value before the 6-month period begins on a working day following the day of purchase. The certificate is also retrieved at the end of its period at its full nominal value, and it can be recovered earlier if the recovery values determined by the two banks are met.

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