The Egyptian "Al -Hly" collected 35 billion pounds in the last 3 days before reducing the returns of certificates

Over the past three days, the National Bank of Egypt has raised 35 billion pounds from the sale of high -yield savings before making its decision by reducing its 2% of its benefits on Sunday, according to CEO Mohamed Al -Hertbi. Last Wednesday, in a statement, the bank announced that the suspension of the annual issuance of the annual certificates, the annual yield of 23%, is paid daily or paid 23.5%, or 27%, or 27%annually. He also decided to reduce the price of the return by 2% on certificates for 3 years in all his categories, which were launched more than 15 months ago, after the country began to reduce its monetary policy for the first time in four years last week. The certificate attracted the return of approximately 888 billion pounds for the National Bank, according to what Muhammad Al -Hertbi, CEO of Al -hly, said earlier. During the second meeting this year, the Central Bank of Egypt reduced interest rates for the first time in more than four years of its highest historical level. Where the Monetary Policy Committee of the Central Bank of Egypt decided at its meeting this month to lower the basic yield prices by 225 basis points. Al -ertbi expected the Egyptian Central to deliver more interest rates by up to 6% during this year, explaining that the purpose of the officials of the monetary policy of raising interest was to combat the high inflation rate, which has already been achieved by recently dropping to about 13%. Inflation in the cities of Egypt rose to 13.6% year -on -year in March last year compared to 12.8% in February, which is the first acceleration of inflation numbers over the past six months, according to the data of the Central Public Mobilizing Statistics Agency. Regarding the impact of reducing interest on the profits of the bank, Al -Ezrabi said the bank would compensate with new products, noting that the difference between the returns of certificates in the Egyptian pound and the returns on foreign exchange will continue to maintain the attraction of these certificates. Al -ertbia explained that the War of Customs definitions and the blur of the global economy had temporary consequences that affected a rapid retirement of warm money, but the postponement of the imposition of fees for 90 days relieved the shock to return to flow.