The result is EGP 280 billion … Details of stopping the 15% certificate from the National Bank of Egypt

Today Monday, the National Bank of Egypt suspended the issuance of the annual platinum certificate, with a return of 15%, for a period of one year, after the meeting of the Bank’s Asset and Liability Management Committee.

This occurs after the proceeds from the sale of the certificate at the bank amounted to about 280 billion pounds, and it is decided that the customer who purchased the certificate during the last period will continue to enjoy the same refund until the date of its expiration, as long as the value of the certificate is deposited in the client’s account after its expiration date, and the clients go to the branches. Or the “Al-Ahly Net” service to re-save these funds, according to the clients’ choice, among the bank’s multiple savings coffers.

Yahya Abul-Fotouh, First Vice President of the National Bank of Egypt, attributed the decision to stop issuing the certificate to the decline in inflation rates and described the current performance as appropriate.

Abul-Fotouh stressed to Al-Masry Al-Youm the importance of motivating clients to direct investment and credit, rather than saving in banks, but did not mention the extent to which his bank offered a new savings certificate, a alternative to the one that was suspended.

In the same context, the National Investment Bank, “Monday”, reduced the annual interest rates on new issues of investment certificates (B) for individuals, which are issued by the National Bank of Egypt, to 10.25% for a year instead of 13% and 10.5% for two years, instead of 14% and 10% for a period of 3 years instead of 12%, and for investment certificates (A) for natural persons and legal persons for a period of 10 years with accrued interest, to become 10.25% per annum.

It was also decided to reduce the interest of investment certificates (D) with a term of 3 years, which are issued only to legal entities, to 10.75%, while investment certificates with the same prices will be maintained for the period remaining.

It should be noted that a law was recently issued to cancel the National Investment Bank’s exemption from taxes on its investments in State Treasury bills, since the House of Representatives finally approved a bill presented by the government on the abolition of the exemption on the proceeds of Treasury bills, bonds and capital gains resulting from the negotiation. In these income tax bills and bonds, without prejudice to the provisions of the agreements concluded between the Egyptian government, foreign countries and international or regional organizations.