Wide demand for certificates with an interest rate of 18% in Egypt

The Chairman of the Board of Directors of the National Bank of Egypt, Hisham Okasha, announced that the proceeds of offering a savings certificate with a return of 18% amounted to 8 billion Egyptian pounds on the first day of its offering yesterday, Monday.

The newspaper, "The Seventh Day", quoted the head of the National Bank of Egypt as saying that 30,000 customers made purchases, explaining that 65% of customers made purchases through the "Al-Ahly Net" and "Al-Ahly Mobile" services.

The head of the National Bank of Egypt confirmed that the proceeds of the Al-Ahly Exchange Company from selling citizens to foreign and Arab currencies increased by more than 50%.

The price of the Egyptian pound against the US dollar today, Tuesday, reached 18.45 pounds for purchase and 18.55 pounds for sale, according to Refinitiv data, down from about 18.27 late yesterday, Monday.

On Monday, Egypt allowed its currency to depreciate from 15.7 pounds to the dollar, the rate that has been circulating since November 2020. After the Central Bank of Egypt raised overnight interest rates by 100 basis points in a surprise meeting of the Monetary Policy Committee earlier today.

Yesterday, Banque Misr and the National Bank announced the offering of savings certificates with an annual return of 18%, and the certificates were very popular with depositors.

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