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NBE saving certificates with 16%, 20% interest collect EGP 92bn - Daily News Egypt

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NBE saving certificates with 16%, 20% interest collect EGP 92bn

NBE offered $600m for imports since the flotation of the pound, says vice president

The National Bank of Egypt (NBE) has collected EGP 92bn worth of investments as of Monday from the new saving certificates since the flotation of the Egyptian pound, according to NBE vice president Yahia Aboul Fotouh.

At the People and Banks conference on Tuesday, Aboul Fotouh told Daily News Egypt that about 20% of the new liquidity came from new customers who opened accounts at the bank for the first time.

In early November, the NBE launched new saving certificates in Egyptian pounds with a 20% interest rate for 18 months, as well as three-year certificates with a 16% interest rate.

Aboul Fotouh said that the bank has offered $600m for import operations since the flotation of the pound as of Monday.

He pointed out that this sum has been directed to import basic and luxury goods, adding that they gave priority for production inputs, medicines, and food commodities. The bank will gradually move to cover the import of other goods based on their importance to the citizen and the state.

Abul Fotouh announced that the NBE no longer has pending requests for dollar, as it covered all customer requests as of Monday.

He noted that offering dollar-denominated bonds in international markets is still on the table despite the growth of foreign exchange resources in the bank. These bonds aim to diversify the bank’s foreign exchange resources. However, Aboul Fotouh pointed out that these bonds will be offered after the other bonds scheduled to be issued by the state in the coming period.

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