In relation to the increase in the trilogy certificate with a return of 17. 25%, Mohamed Al-Etabi, President of Banque Misr, stated that it climbed by 14 billion pounds in just 4 working days.
A number of accounts have converted their deposits into three-year investment certificates, he continued, adding that there is a high demand for new investment certificates for the Bank of Egypt due to the increase in interest rates.
He pointed out that other funds were outside the banking sector and entered banks, with large numbers, stressing the existence of a large turnout, as the “cash” money that entered the bank exceeds one billion pounds within 4 working days, explaining that investment certificates are three years. This is a unique situation since it ensures the longevity and stability of the money in the bank.
However, 650 imports out of 1150 requests for shipments costing less than $500k are now being funded. The central bank governor has stated that waiting lists and merchandise in the ports will be abolished, and Banque Misr and other banks have made major efforts to streamline the procedures.
The consumers are advised to deposit money into the accounts to finish the items as quickly as possible, and the personnel have been working very hard to release the goods in the ports over the past month, he said.
In addition, he said, “If there is no dollar in banks, we will not release the goods now, the dollar is available and is present naturally, the dollar is sold and purchased electronically, and the dollar is naturally in the dollar in banks.” He made the point that the release of goods will contribute to the stability of the currency in the long run.
This was revealed over the phone when speaking to the “Last Word” host of the “On TV” programme.
The Monetary Policy Committee of the Central Bank of Egypt held an exceptional meeting last Thursday, and set the price of deposit, lending and the price of the main process by 2%, during an exceptional meeting, to reach 13. 25%, 14. 25% and 13. respectively 75%.
The committee emphasised that its decision to increase the return rates by 200 basis points was made with the intention of stabilising prices over the medium term and containing the stressful pressures brought on by the demand aspect, the rapid growth of local liquidity, inflationary expectations, and the knock-on effects of the offer’s shocks.
14 billion pounds, according to Banque Misr’s president.
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