To face inflation.. Good news from the National Bank to its customers

The National Bank of Egypt issued a new one-year savings certificate, with a return of up to 25%, to be spent at the end of the certificate period, or with a return of 22.5%, to be paid monthly, as of today.

The certificate is for Egyptians and foreigners

The National Bank confirmed that the new savings certificate is issued in denominations of 1,000 pounds and its multiples, and the bank targets, through the new certificate, natural persons, whether adults or minors, Egyptians and foreigners.

Calculation of interest from the day following the purchase of the certificate

The interest is calculated from the day following the purchase of the certificate directly, and it is possible to borrow against its guarantee during the period, and it is not permissible to recover its value before the lapse of 6 months, starting from the working day following the day of purchase.

 The certificate is also retrieved at the end of its period at its full nominal value, and it can be recovered before that date according to the recovery values, prescribed by the bank.

According to the bank, all certificates are available through the branches of the National Bank of Egypt, as well as through the banking internet and the mobile banking application, and through the bank's call center 19623.

A bold decision to support the local currency

Maged Fahmy, a banking expert and former head of the Industrial Development Bank, said that the issuance of certificates by the National Bank of Egypt and Banque Misr with 25% annual return and 22% monthly return, a bold decision by government banks to support the national currency at this time, expecting its success in harvesting hundreds of billions in revenue that exceeds Certificates of the 18%.

Hundreds of billions of dollars in a matter of weeks

He emphasized that the yield of certificates is high and tempts to buy, and the interest rate is unprecedented on bank vessels, explaining that the decision directs citizens towards savings channels, to curb inflation, address “dollarization” and support the local currency, within an official framework according to a monetary policy announced by the Central Bank of Egypt.

Able to direct the savings of the family sector towards banking channels

And the banking expert continued, that the new certificates are capable of directing the savings of the family sector towards banking channels, and thus limit consumption except on basic and necessary commodities, which leads to a gradual reduction in prices.

The former head of the Industrial Development Bank explained that countries resort to controlling inflation, lowering commodity prices, and using monetary policy tools, to achieve the goals of the banking sector, by limiting consumption and directing citizens towards saving and investing culture by purchasing savings certificates and vessels with high returns, which will help to cope with the high returns, prices and reduce inflationary waves.