{"id":590806,"date":"2023-07-26T00:00:00","date_gmt":"2023-07-26T00:00:00","guid":{"rendered":"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\/"},"modified":"2023-07-26T00:00:00","modified_gmt":"2023-07-26T00:00:00","slug":"banque-misr-nbe-are-back-with-another-round-of-usd-certificates-to-draw-more-fx-into-the-banking-system","status":"publish","type":"post","link":"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\/","title":{"rendered":"Banque Misr + NBE are back with another round of USD certificates to draw more FX into the banking system"},"content":{"rendered":"

The Big Two introduce new USD CDs:<\/strong> State-owned banks Banque Misr and the National Bank of Egypt will today launch two new USD certificates of deposit as they look to shore up reserves of hard currency. <\/p>\n

What\u2019s on offer:<\/strong> The two lenders are offering two three-year certificates: one with a 9% annual percentage rate that pays out interest in EGP up front and another with a 7% rate that pays out in USD quarterly, they said in separate statements yesterday ( here<\/a> and here<\/a> \u2014 pdfs). Savers will have to deposit at least USD 1k to be eligible for the certificates, which will be repaid in USD when they reach maturity. <\/p>\n

This is all to draw new FX into the banking system:<\/strong> The new CDs are designed to attract FX \u201cespecially from remittances, which have been declining recently,\u201d economist Mona Bedeir told Enterprise. The NBE expects to draw more than USD 4 bn in fresh FX from the issuance, NBE Deputy Chairman Yehya Aboul Fotouh told Ala Mas\u2019ouleety last night ( watch, runtime: 20:31<\/a>). <\/p>\n

Remittances are down despite booming GCC economies<\/strong>, suggesting that many Egyptians working abroad are sending cash back through informal means rather than through the banking system. <\/p>\n

Remember:<\/strong> Egypt has been suffering a prolonged FX crunch triggered by the global shoc k caused by Russia\u2019s war in Ukraine and rising interest rates. The EGP has lost almost half of its value against the greenback since March 2022, fuelling a resurgent parallel currency market that has placed further pressure on FX liquidity in the banking system. <\/p>\n

ALSO- The 7% CDs will unlock soft EGP loans: <\/strong>Both state-owned banks attached a loan option to the 7% certificates that allows savers to take a local-currency loan equal to 50% of the deposit \u2014 up to a maximum of EGP 10 mn \u2014 at a subsidized interest rat e 2.25% below the central bank lending rate. <\/p>\n

BUT- There are strings attached: <\/strong>\u201cThe loan has to go towards another certificate of deposit, a real estate investment, or a vehicle purchase,\u201d Banque Misr Chairman Mohamed El Etreby told Yahduth Fi Masr last night ( watch, runtime: 6:37<\/a>). <\/p>\n

Egyptians have appetite for USD CDs: <\/strong>Savers have poured some USD 3.5 bn into the NBE\u2019s previous three-year USD CDs<\/a>, Aboul Fotouh said on Ala Mas\u2019ouleety . <\/p>\n

The CDs are also open for Egyptians abroad: <\/strong>Egyptians living abroad will also have the chance to invest in the CDs, Aboul Fotouh said. <\/p>\n

No questions asked:<\/strong> The bank will not ask any questions about the source of the hard currency, regardless of the amount , he said. <\/p>\n

An EGP loan for Egyptians abroad: <\/strong>The banks are also offering Egyptians who work abroad EGP loans of up to EGP 3 mn at a rate 2.25% below the corridor rate to be paid back in whatever currency they are paid in, El Etreby told Kelma Akhira ( watch, runtime: 18:51<\/a>). The banks are also offering mortgage loans for Egyptian expats, in return for a 20% down payment to be paid in foreign currency. <\/p>\n

The move received international attention: <\/strong>Bloomberg<\/a> | Reuters<\/a> | Xinhua<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

The state banks will begin offering two three-year certificates offering 7% and 9% annual rates from today<\/p>\n","protected":false},"author":1,"featured_media":590807,"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":[7350],"tags":[204,576,104,72,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-banque-misr","tag-economy","tag-enterpriseam","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"6f565556-4988-49bb-9a64-3228d9d46e59","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/1038.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian state lenders launch new round of USD saving certificates amid FX crisis","related_issue":[590799],"teaser":"The state banks will begin offering two three-year certificates offering 7% and 9% annual rates from today","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.0172ef49-d8fe-4b9f-9598-a39eb91fbffe.mp3"},"yoast_head":"\nBanque Misr + NBE are back with another round of USD certificates to draw more FX into the banking system - 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\/07\/26\/banque-misr-nbe-are-back-with-another-round-of-usd-certificates-to-draw-more-fx-into-the-banking-system\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banque Misr + NBE are back with another round of USD 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2023","format":false,"excerpt":"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\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/113.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590817,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/26\/last-nights-talk-shows-new-usd-cds-the-ongoing-heatwave\/","url_meta":{"origin":590806,"position":1},"title":"Last Night\u2019s Talk Shows: New USD CDs + the ongoing heatwave","author":"enterpriseam admin","date":"26 July 2023","format":false,"excerpt":"NBE and Banque Misr launch new USD certificates of deposit","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/1054.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592499,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/07\/egypts-foreign-reserves-continue-to-rise-in-july\/","url_meta":{"origin":590806,"position":2},"title":"Egypt\u2019s foreign reserves continue to rise in July","author":"enterpriseam admin","date":"7 August 2023","format":false,"excerpt":"Foreign reserves inched up to USD 34.88 bn","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/274.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":590806,"position":3},"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":546847,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/bye-bye-18-certificates-of-deposit\/","url_meta":{"origin":590806,"position":4},"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":584603,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/two-big-state-owned-banks-announce-two-not-so-big-cds\/","url_meta":{"origin":590806,"position":5},"title":"Two big state-owned banks announce two (not-so-big) CDs","author":"enterpriseam admin","date":"3 April 2023","format":false,"excerpt":"Big Two state-owned banks introduce new CDs: Banque Misr and the National Bank of Egypt are issuing two new high-interest certificates of deposit (CDs) following the central bank\u2019s 200-bps rate hike last Thursday, the lenders said in a joint statement (pdf) yesterday. The two banks are offering a fixed, three-year\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\/4\/55.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\/590806","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=590806"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590806\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/590799"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/590807"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=590806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=590806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=590806"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=590806"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=590806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}