What are the alternatives available after modifying the National Bank certificates and canceling the 15% certificate?

After the National Bank of Egypt, today, Monday, amendments to the National Bank certificates, where the issuance of the annual platinum certificate was canceled, with a return of 15%, for one year, after the meeting of the Asset Management Committee and Bank liabilities.

Here are the National Bank certificates available now.

We observe that the annual interest rates have been reduced on the new issues of National Bank certificates, as the investment certificates (B) for individuals, issued by the National Bank of Egypt, have been modified to become 10.25% for one 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 and legal persons for a period of 10 years with accrued interest, to become 10.25% per year.

National bank certificates

It was also decided to reduce the interests of the National Bank certificates, since the investment certificates (D) with a term of 3 years, issued only to legal entities, were modified to become 10.75%, continuing the certificates investment with the same prices during the remaining period. The National Bank offers on behalf of the National Investment Bank all the investment certificates in its branches because the Investment Bank does not have affiliated branches, in addition to the certificates of the National Bank of course.

Learn more about the National Bank certificates after their modification

National bank certificates

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.