{"id":578632,"date":"2023-01-09T03:57:13","date_gmt":"2023-01-09T03:57:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/09\/newly-introduced-25-cds-see-massive-demand-in-first-two-days-big-two-bag-usd-700-mn-facility\/"},"modified":"2023-01-09T03:57:13","modified_gmt":"2023-01-09T03:57:13","slug":"newly-introduced-25-cds-see-massive-demand-in-first-two-days-big-two-bag-usd-700-mn-facility","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/09\/newly-introduced-25-cds-see-massive-demand-in-first-two-days-big-two-bag-usd-700-mn-facility\/","title":{"rendered":"Newly introduced 25% CDs see massive demand in first two days + Big Two bag USD 700 mn facility"},"content":{"rendered":"

<\/a> The newly released 25% certificates of deposit have raked in almost EGP 100 bn <\/strong>in a matter of days \u2014 <\/strong>and the two state banks offering them have reportedly secured a major loan to meet local demand for hard currency.<\/p>\n

Savers poured nearly EGP 100 bn into newly introduced <\/strong>record-high yield 25%<\/a><\/strong>certificates of deposit<\/a><\/strong> as of last Friday<\/strong>, National Bank of Egypt Deputy Chairman Yehia Aboul Fotouh said in a phone-in over the weekend with Kelma Akhira\u2019s Lamees El Hadidi (watch, runtime: 11:55<\/a>). Savers invested some EGP 66 bn in CDs at the National Bank of Egypt (NBE) and EGP 31 bn at Banque Misr, he added. The two state-owned banks are the only banks so far offering the CDs.<\/p>\n

The Big Two are working overtime to capture appetite for the instruments: <\/strong>Bank clerks at some 126 branches of Banque Misr (pdf)<\/a> and 146 branches of the NBE (pdf)<\/a> worked to process requests for CDs on Friday and Sunday, which was a national holiday to mark Coptic Christmas, Aboul Fotouh said.<\/p>\n

Nearly half of the money poured into the CDs is fresh money, not money taken out of other CDs<\/strong>, Aboul Fotouh said, adding that many depositors have de-dollarized to buy into the certificates<\/p>\n

Aboul Fotouh doesn\u2019t see the EGP falling much more against the greenback: <\/strong>High demand for the CDs is a good sign for the EGP moving forward, he says, saying the instruments will help curb demand for the greenback and allow the EGP to stabilize at its current rate. The current exchange rate \u2014 which stands at around USD 27 \/ EGP \u2014 is appropriate, Aboul Fotouh said, adding that he does not expect the EGP to fall much further.<\/p>\n

REMEMBER- The CDs were introduced to convince folks with hard currency deposits in the banking system to de-dollarize<\/strong> \u2014 and, at the same time, to tamp down inflation by reducing liquidity in the market.<\/p>\n

NBE, BANQUE MISR SAID TO SECURE MAJOR USD FACILITY<\/p>\n

The National Bank of Egypt <\/strong>NBE and Banque Misr have reportedly secured loans worth a combined USD 705 mn from global lenders<\/strong> to meet the local demand for hard currency as the government looks to clear a backlog of imports<\/a> at our ports, Al Arabyia<\/a> reports, citing what it says are unnamed sources in the banking industry.<\/p>\n

The details:<\/strong> Banque Misr reportedly secured a seven-year, USD 300 mn loan from the African Development Bank (AfDB). NBE secured a three-year, USD 405 mn loan from a consortium of Gulf lenders including our friends at Mashreq Bank as well as Doha Bank, Emirates NBD, and First Abu Dhabi Bank, as well as Standard Chartered and Japan\u2019s Sumitomo Mitsui Banking Corporation, the sources told Al Arabiya.<\/p>\n","protected":false},"excerpt":{"rendered":"

The newly released 25% certificates of deposit have raked in almost EGP 100 bn in a matter of days \u2014 and the two state banks offering them have reportedly secured a major loan to meet local demand for hard currency. Savers poured nearly EGP 100 bn into newly introduced record-high yield 25%certificates of deposit as […]<\/p>\n","protected":false},"author":1,"featured_media":578633,"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":[7206],"tags":[576,88,104,72,2234,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-banque-misr","tag-debt-watch","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"0a0bcb65-383b-4688-8e3e-61882509e3bc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/113.jpg","photo_position":"above","related_issue":[578627],"teaser":"","voice_url":""},"yoast_head":"\nNewly introduced 25% CDs see massive demand in first two days + Big Two bag USD 700 mn facility - 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\/2023\/01\/09\/newly-introduced-25-cds-see-massive-demand-in-first-two-days-big-two-bag-usd-700-mn-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newly introduced 25% CDs see massive demand in first two days + Big Two bag USD 700 mn facility\" \/>\n<meta property=\"og:description\" content=\"The newly released 25% certificates of deposit have raked in almost EGP 100 bn in a matter of days \u2014 and the two state banks offering them have reportedly secured a major loan to meet local demand for hard currency. 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The high-yield savings products were introduced to the market on 4 January ahead of the EGP devaluation to help curb inflation\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/444.jpg?fit=%2C&ssl=1&resize=350%2C200","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":578632,"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":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":578632,"position":2},"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":[]},{"id":546847,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/bye-bye-18-certificates-of-deposit\/","url_meta":{"origin":578632,"position":3},"title":"Bye-bye, 18% certificates of deposit\u2026","author":"enterpriseam admin","date":"31 May 2022","format":false,"excerpt":"NBE, Banque Misr suspend sales of 18% CDs: State-owned National Bank of Egypt (NBE) and Banque Misr will no longer be selling one-year, 18% certificates of deposit (CDs) introduced after the Central Bank of Egypt\u2019s devalued the EGP on 22 March, according to a statement (pdf) from Banque Misr and\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/410.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":613053,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/08\/new-27-cds-bring-in-egp-11-bn-on-day-one\/","url_meta":{"origin":578632,"position":4},"title":"New 27% CDs bring in EGP 11 bn on day one","author":"enterpriseam admin","date":"8 January 2024","format":false,"excerpt":"The two banks introduced the record-high yield CDs over the weekend","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/311.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590806,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/26\/banque-misr-nbe-are-back-with-another-round-of-usd-certificates-to-draw-more-fx-into-the-banking-system\/","url_meta":{"origin":578632,"position":5},"title":"Banque Misr + NBE are back with another round of USD certificates to draw more FX into the banking system","author":"enterpriseam admin","date":"26 July 2023","format":false,"excerpt":"The state banks will begin offering two three-year certificates offering 7% and 9% annual rates from today","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/1038.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578632","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=578632"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578632\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578627"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578633"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578632"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578632"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}