A senior banking official said that public banks, the National Bank of Egypt (NBE), Banque Du Caire, and Banque Misr, will stop the sale of their 15% savings certificates they put forward by about two months to encourage clients to give up foreign currencies.
The three state-owned banks have begun offering these certificates in mid-March 2016. At the time, the banks announce the certificates will be offered for a limited period of two months, subject to renewal.
According to the source, the three banks agreed last week to stop selling these certificates, especially as they did not achieve their objective. He explained that the proceeds from selling the certificates did not meet their expectations, and the banks will have to pay higher interest rates.
The minimum purchase price of these certificates was EGP 1,000 and its multiples. The interest on them is calculated every three months. They also enable owners to borrow of up to 90% of the certificate’s value.