“Al-Ahly” and “Misr” banks offer savings certificates with a return of 18% for a year

Banks (Al-Ahly) and (Egypt) decided to offer a new exceptional one-year savings certificate, at an annual interest rate of 18%.

Yahya Aboul Fotouh, Vice Chairman of the Board of Directors of the National Bank of Egypt, said in a statement to the Middle East News Agency - that an urgent meeting took place this morning, Monday, for the Alico Committee of the National Bank of Egypt, which resulted in the issuance of the certificate, and its availability to the public from today.

Sources at Banque Misr also said that a one-year savings certificate was issued with a return of 18%, in light of the developments in the markets.

The Egyptian pound fell 10.67 percent this morning, and the pound fell to 17.42-17.52 against the US dollar, according to Refinitiv data, after it had been trading at about 15.7 per dollar since November 2020.

The Central Bank of Egypt raised overnight interest rates by 100 basis points at a surprise meeting of the Monetary Policy Committee earlier in the day.

Informed sources said that Egypt is in discussions with the International Monetary Fund regarding possible assistance, but it has not announced any official request for a loan from the Fund.

A statement issued by the office of Egyptian Prime Minister Mostafa Madbouly said today, Monday, that it set the selling price of free bread at 11.5 pounds (0.66 dollars) for packaged bread weighing one kilogram.

Banque Misr, the second largest government lender in the country, announced in a statement today that it will issue certificates of deposit with an annual return of 18%.

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