The National Bank of Egypt’s (NBE) Platinum Saving Certificate attracted EGP 10 billion during a month and a half after the bank raised the return rate on the certificate to 12.5%.
The Platinum Certificate is one of the top savings pools in the market as it attracted deposits worth EGP 100.6 billion since being launched, sources said.
Demand on these certificates highly increased after raising return rate as it attracts from EGP 200 million to EGP 250 million daily.
It is worth noting that NBE raised return rate on the Platinum Saving Certificate to 11.5% last year, then reduced it to 10.5% and recently raised it again to 12.5% last February.
Banks raise return rates on their savings pool so as to relieve the pressure on foreign currency and eliminate dollarization after Egypt’s foreign reserves fell to US$ 13.5 billion at the end of last February.