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Hisham Okasha, Chairman of the Board of Directors of the National Bank of Egypt, said that the Assets and Liabilities Committee of the National Bank of Egypt decided today to reduce the annual return on its 3-year platinum certificate by 1%, starting with the issuance which occurs after the completion of jobs today, Thursday, December 24, 2020, to become 11% annually for certificates whose returns are paid monthly instead of 12% annually.
The president of the National Bank of Egypt added, in exclusive statements to Al-Youm Al-Sabea, that it was decided to stop issuing the platinum certificate (three years) that the return was paid every three months, and in the event that the client previously opt for the automatic renewal of the certificate with quarterly return, its value will be renewed. Upon expiration in the platinum certificate with periodic monthly return, continuing the existing certificates at the applicable price until their expiration date.
The president of the Board of Directors of the National Bank of Egypt pointed out that this decision is taking place in a context of improvement in economic performance and low levels of inflation, with the aim that the bank keep depositors with the highest profitability on their savings , pointing to the continuation of the platinum certificate with variable returns without modification in light of the decision of the Monetary Policy Committee. At the Central Bank of Egypt today, deposit and loan rates remain unchanged.
