The Clap
The National Bank of Egypt and Banque Misr collected EGP 335 billion from issuing certificates that give 25% on deposits.
What
The NBE alone collected EGP 215 billion, 50% of which came from previous deposit certificates being broken, according to the bank’s president.
So What
The main objective of issuing these certificates is to withdraw liquidity from the economy in order to counter inflation.
Now What
The National Bank of Egypt and Banque Misr said that the 25% certificates achieved their purpose and are expected to be discontinued soon.
