{"id":574784,"date":"2020-09-22T04:23:56","date_gmt":"2020-09-22T04:23:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/22\/nbe-banque-misr-scrap-high-interest-savings-certificates\/"},"modified":"2020-09-22T04:23:56","modified_gmt":"2020-09-22T04:23:56","slug":"nbe-banque-misr-scrap-high-interest-savings-certificates","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/22\/nbe-banque-misr-scrap-high-interest-savings-certificates\/","title":{"rendered":"NBE, Banque Misr scrap high-interest savings certificates"},"content":{"rendered":"

<\/a> NBE, Banque Misr scrap high-interest CDs:<\/strong> State-owned National Bank of Egypt (NBE) and Banque Misr have stopped offering 15% fixed-rate savings certificates launched in mid-March, the institutions told the local press (here<\/a> and here<\/a>). The banks started selling the high-interest certificates<\/a> in March to protect savers and ease pressure on the EGP after the central bank cut interest rates<\/a> by 300 bps during the early days of the covid-19 pandemic. NBE sold some EGP 280 bn worth of the product during the six-month offering, Deputy Chairman Yehia Aboul Fotouh tells Al Mal<\/a>, while Banque Misr reeled in EGP 103 bn, Deputy Chairman Akef El Maghraby tells Hapi Journal<\/a>.<\/p>\n

The two banks have been pulling liquidity out of the market with high interest rate <\/strong>products since the float of the EGP in late 2016<\/strong> as the central bank guided the market away from dollarization. Both Banque Misr and NBE are now offering products more in line with rates offered by other players in the industry, with the highest yielding CDs in the banking system now in the 12-12.25% range, according to a survey by Masrawy<\/a>.<\/p>\n

Scrapping high-interest products could be another way for the central bank to support <\/strong>the economy <\/strong>without having to cut interest rates to keep the country attractive to the carry trade. \u201cCancelling the 12-month, 15% high-yielding certificates of deposits \u2026 [would] be supportive of growth, equities and banks\u2019 net interest margins<\/strong>,\u201d Renaissance Capital\u2019s Ahmed Hafez suggested in a research note last week<\/a>. EFG Hermes\u2019 Mohamed Abu Basha, meanwhile, wrote yesterday that \u201cthe move indicates that monetary authorities are comfortable with the current FX liquidity<\/strong> in the market with a reduced risk of dollarization,\u201d forecasting that the CBE will leave interest rates on hold this coming Thursday.<\/p>\n

The<\/strong> National Investment Bank has also scrapped its high-interest certificates <\/strong>as it faces the prospect of compressed net interest margins after losing access to tax breaks on income from treasuries<\/a>, NIB Managing Director Mahmoud Montasser told Al Masry Al Youm<\/a>. The bank will instead offer certificates yielding 10-10.75%.<\/p>\n","protected":false},"excerpt":{"rendered":"

NBE, Banque Misr scrap high-interest CDs: State-owned National Bank of Egypt (NBE) and Banque Misr have stopped offering 15% fixed-rate savings certificates launched in mid-March, the institutions told the local press (here and here). The banks started selling the high-interest certificates in March to protect savers and ease pressure on the EGP after the central […]<\/p>\n","protected":false},"author":1,"featured_media":574785,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[576,72,248,4866,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banque-misr","tag-enterpriseam","tag-national-bank-of-egypt","tag-savings-certificates","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ec2b8fab-2b69-4010-b139-69f85ab44591","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/9\/234.jpg","photo_position":"above","related_issue":[574779],"teaser":"","voice_url":""},"yoast_head":"\nNBE, Banque Misr scrap high-interest savings certificates - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/22\/nbe-banque-misr-scrap-high-interest-savings-certificates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NBE, Banque Misr scrap high-interest savings certificates\" \/>\n<meta property=\"og:description\" content=\"NBE, Banque Misr scrap high-interest CDs: State-owned National Bank of Egypt (NBE) and Banque Misr have stopped offering 15% fixed-rate savings certificates launched in mid-March, the institutions told the local press (here and here). 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The National Bank of Egypt (NBE)\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570703,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/national-bank-of-egypt-banque-misr-sell-egp-70-bn-of-high-interest-cds\/","url_meta":{"origin":574784,"position":1},"title":"National Bank of Egypt, Banque Misr sell EGP 70 bn of high-interest CDs","author":"enterpriseam admin","date":"12 April 2020","format":false,"excerpt":"State banks sell EGP 70 bn of high-interest savings certificates in three weeks: Around EGP 70 bn has been invested in the National Bank of Egypt (NBE) and Banque Misr\u2019s new high-interest savings certificates since they were made available three weeks ago, Al Mal reports. NBE has sold EGP 47\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572502,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/28\/national-bank-of-egypt-banque-misr-sell-egp-203-bn-of-high-yield-certificates\/","url_meta":{"origin":574784,"position":2},"title":"National Bank of Egypt, Banque Misr sell EGP 203 bn of high-yield certificates","author":"enterpriseam admin","date":"28 June 2020","format":false,"excerpt":"State-owned banks sell EGP 203 bn of 15% savings certificates: The National Bank of Egypt (NBE) has sold EGP 147 bn-worth of its high-interest savings certificates as of the end of last week, NBE Vice President Yehia Aboul Fotouh said, according to the local press. Meanwhile, Banque Misr has sold\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571448,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/national-bank-of-egypt-banque-misr-sell-egp-121-bn-of-high-yield-certificates\/","url_meta":{"origin":574784,"position":3},"title":"National Bank of Egypt, Banque Misr sell EGP 121 bn of high-yield certificates","author":"enterpriseam admin","date":"12 May 2020","format":false,"excerpt":"State banks sell EGP 121 bn of high-interest saving certificates: National Bank of Egypt (NBE) has sold EGP 82 bn of its 15% fixed-rate certificates, while Banque Misr (BM) sold EGP 39 bn-worth of the same product, BM Chairman Mohamed El Etreby and NBE Deputy Chairman Yehia Aboul Fotouh were\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570317,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/26\/nbe-banque-misr-sell-egp-21-bn-in-new-fixed-rate-savings-certificates-in-first-three-days\/","url_meta":{"origin":574784,"position":4},"title":"NBE, Banque Misr sell EGP 21 bn in new fixed-rate savings certificates in first three days","author":"enterpriseam admin","date":"26 March 2020","format":false,"excerpt":"New bank certificates prove popular: The National Bank of Egypt and Banque Misr have sold EGP 20.9 bn of their new 15% fixed-rate certificates in the first three days, Hapi Journal reports. The banking sector has acted in concert with the Central Bank of Egypt to deter savers from piling\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570846,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/16\/national-bank-of-egypt-banque-misr-sell-egp-82-bn-of-high-yield-certificates\/","url_meta":{"origin":574784,"position":5},"title":"National Bank of Egypt, Banque Misr sell EGP 82 bn of high-yield certificates","author":"enterpriseam admin","date":"16 April 2020","format":false,"excerpt":"State banks sell EGP 82 bn of high-interest savings certificates: National Bank of Egypt has sold EGP 56 bn of its 15% fixed-rate certificates, including EGP 4 bn in one day, Deputy Chairman Yehya Aboul Fotouh tells Masrawy. Banque Misr has also sold EGP 26 bn of the certificates, Deputy\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=574784"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574784\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/574779"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/574785"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=574784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=574784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=574784"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=574784"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=574784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}