Akef Al Maghraby, Vice President of Banque Misr, revealed that the yield of the high yield savings certificates was 16% and 20%, amounting to 250 billion pounds since it was put forward.
"Maghraby" the board of directors of the bank decided to cancel them after the central bank decided to cut the interest rate by 1%.
The Bank's Vice President pointed out that a new certificate has been issued with a 15% return of 3 years.
It is noteworthy that Banque Misr has issued a new savings vessel "The King's Certificate in the Egyptian pound". It is a nominal certificate for one year and starts at a value of 1000 Egyptian pounds and its multiples.
The certificate issued to natural persons adults and minors with the highest return on savings certificates after the suspension of the deal Talaat Harb certificate in addition to the bank has adjusted the yield on the summit certificate to become 15% annually for three years.
The King's Certificate is in Egyptian Pound with a fixed annual rate of return of 17% per annum. The proceeds are paid every three months from the next business day to the purchase of the certificate, automatically added to the customer's current account or savings.
The certificate can be purchased from any branch of the bank, which number more than 600 branches spread throughout the Republic. It should be noted that the customer can recover the value of the certificate after 3 months with the application of discount rates, and the customer can borrow by the certificate.
In view of the improved macroeconomic indicators in terms of economic growth rate, low unemployment rate, improved foreign exchange reserves and low inflation rates, Banque Misr has adjusted the rate of return on the summit certificate to the rate of return of 15% Annually instead of 16% per annum with all other conditions and benefits remaining unchanged.
The monetary policy committee of the Central Bank of Egypt decided at its meeting on Thursday to reduce the rate of return on deposit and lending for one night, and the price of the central operation of the Central Bank by 1% to 17.75% and 18.75%
"Maghraby" the board of directors of the bank decided to cancel them after the central bank decided to cut the interest rate by 1%.
The Bank's Vice President pointed out that a new certificate has been issued with a 15% return of 3 years.
It is noteworthy that Banque Misr has issued a new savings vessel "The King's Certificate in the Egyptian pound". It is a nominal certificate for one year and starts at a value of 1000 Egyptian pounds and its multiples.
The certificate issued to natural persons adults and minors with the highest return on savings certificates after the suspension of the deal Talaat Harb certificate in addition to the bank has adjusted the yield on the summit certificate to become 15% annually for three years.
The King's Certificate is in Egyptian Pound with a fixed annual rate of return of 17% per annum. The proceeds are paid every three months from the next business day to the purchase of the certificate, automatically added to the customer's current account or savings.
The certificate can be purchased from any branch of the bank, which number more than 600 branches spread throughout the Republic. It should be noted that the customer can recover the value of the certificate after 3 months with the application of discount rates, and the customer can borrow by the certificate.
In view of the improved macroeconomic indicators in terms of economic growth rate, low unemployment rate, improved foreign exchange reserves and low inflation rates, Banque Misr has adjusted the rate of return on the summit certificate to the rate of return of 15% Annually instead of 16% per annum with all other conditions and benefits remaining unchanged.
The monetary policy committee of the Central Bank of Egypt decided at its meeting on Thursday to reduce the rate of return on deposit and lending for one night, and the price of the central operation of the Central Bank by 1% to 17.75% and 18.75%
