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Hisham Okasha, president of the National Bank of Egypt, told Al-Youm Al-Sabea that the bank decided to stop issuing the annual platinum certificate with a 15% yield for a period of one year, starting today Monday, after of the bank’s Asset and Liability Management Committee meeting on Sunday.
The president of the National Bank of Egypt added that the proceeds from the sale of the certificate with a return of 15% in the bank reached around 280 billion pounds, and the customer who bought the certificate during the last period continues to enjoy the same. return until its expiration date, provided that the value of the certificate is deposited in the client’s account once it is finalized Subsequently, customers must go to the branches or the “Al-Ahly Net” service to re-save these funds according to the customers’ choice among the multiple savings bases of the bank.
The National Investment Bank decided to reduce the annual interest rates on new issues of investment certificates (B) for individuals, which are issued by the National Bank of Egypt as of today to 10.25% for one year instead of the 13% and 10.5% for two years instead of 14% and 10% for 3 years. Years instead of 12% and for investment certificates (A) for natural and legal persons for a period of 10 years with accrued interest that becomes 10.25% per year.
It was also decided to reduce the interest of the investment certificates (D) with a term of 3 years, which are issued only to legal entities, to 10.75%, with the continuation of the investment certificates based on the same prices for the remaining period.
It should be noted that a law was recently issued to cancel the tax exemption of the National Investment Bank for its investments in State Treasury bills, since finally the Chamber of Deputies approved a bill presented by the government on the abolition of the exemption on the returns of treasury bills, bonds and capital gains derived from the negotiation of these bills. The bonds come from income tax, without prejudice to the provisions of the agreements concluded between the Egyptian government, foreign countries and international or regional organizations.
