Misr Iran Bank’s Deposits Fell To EGP 5 Bln

Misr Iran Bank has continued to lose its deposits as they fell by EGP one billion to register EGP 5 billion in the first half of the current year, compared to EGP 6.1 billion at the end of 2011, and EGP 7.3 billion at the end of 2010.

Sources said this decline in deposits came as many customers tended to invest their deposits in treasury bills and bonds after return on these instruments increased to more than 15%.

However, the bank targets to increase deposits by 20% to 25% in the second half of the current year through offering investment instruments with competitive interest rates, sources noted.

The bank launched at the end of 2011 a 5-year investment certificate named “Wealth” and a 10-year investment certificate named “Ambition”. Both certificates have a fixed periodic return for different terms (3 months, 6 months, or year) with a 10.5% interest and a cumulative 5-year return of the value of the certificate in addition to a 61% return. In addition, the 10-year cumulative return includes the value of the certificate in addition to a 71% return.