Al Baraka Bank Launches New Deposit Account Scheme To Attract Dollar Liquidity

By Administrator On Jan 28, 2013

Al Baraka Bank of Egypt is set to launch a new savings pool to encourage individuals to transfer their dollar funds into the Egyptian pound so as to strengthen the dollar liquidity position. Individuals will convert their dollar funds into the local currency and the bank will create for them special deposit accounts with high interest rate, sources said.

The bank announced that it will offer the customers who convert their funds from dollar currency to Egyptian pound the opportunity to participate in draws for Umrah prizes, sources added. Customers can redeem 25% of the value of the funds converted from dollar to pound in dollar again.

Al Baraka Bank of Egypt’s net profit rose EGP 35.6 million (35.6%) to reach EGP 135.7 million at the end of 2012, compared to EGP 100.1 million at the end of 2011.

The value of the bank’s assets surged by EGP 1.92 billion (12.9%) to reach EGP 16.778 billion at the end of 2012, compared to EGP 14.851 billion at the end of 2011.