Banking sources said that the value of investment in the new high-interest saving certificates offered by Banque Misr, Banque du Caire, and the National Bank of Egypt (NBE) amounted to EGP 135bn.
The sources told Daily News Egypt that only 19%—equivalent to EGP 26bn—were new funds, while 81% (EGP 109bn) were recycled funds within the banks themselves through breaking old deposits and saving certificates.
The NBE collected EGP 80bn worth of investments in the new saving certificates, while Banque Misr collected EGP 44bn and Banque du Caire collected EGP 11bn.
The proportion of new money at the NBE registered 20%, Banque du Caire 15%, and Banque Misr less than 18%.
On the other hand, the sources told Daily News Egypt that the conversion of US dollar denominated remittances into Egyptian pounds at NBE branches jumped to 80% of total remittances. The NBE also collected $600m from clients exchanging their dollars, out of total $3bn across all banks in Egypt.
Earlier this month, the Central Bank of Egypt (CBE) raised its interest rates by 3 basis points after the decision to float the national currency on 3 November. Banque Misr and the NBE, both owned by the government, launched new saving certificates with interest rates of 16% and 20%. Before these vessels, the highest interest rate offered stood at 12.5% spanning all banks and all saving vessels.