Banque Misr and the National Bank of Egypt (NBE)’s customers are waiting for the returns of the 18 percent return savings certificates, which is scheduled to start on March 22.
Banque Misr and the NBE resorted to offering the 18 percent return savings certificates in 2022 for several reasons: most importantly was the inflation crisis.
At that time, the rate was already at the highest rate on savings certificates in Egypt.
The new push in the banking system waw also to face the flotating pound and help customers with their life’s expenses.
The customers of Banque Misr and the NBE will receive the return on the March 22 and March 31.
The two banks offered the certificates in March last year, with a minimum subscription of LE1,000.
The offer ended in May of the same year, two months after its launch, after achieving the desired goal at that time.
Mohamed Abdel-Aal, a banking expert, said that he does not expect that redeeming the return on the 18 percent savings certificates will affect the volume of liquidity in the market at a time when the Central Bank of Egypt is struggling to limit liquidity to tighten control over the high inflation rates.
He expects that part of the proceeds of the 18 percent savings certificates will go to other savings vessels.
Abdel-Aal added, in previous statements to Al-Masry Al-Youm, that the redemption of the certificates’ funds will not affect the volume of liquidity, because they will not be recovered all at once, but rather between March and May.