The three state banks have savings vessels that offer the highest return on the market, including savings certificates with a return of 16% for three years and 20% for 18 months. He added that what was deliberated over on raising interest rates on the bank’s certificates or issuing new certificates for a period of six months for 25% return is false. NBE deputy chairpersonn Yehia Aboul Fotou said that the ALCO committee will meet on Tuesday or Wednesday to discuss the fate of the bank’s savings and loan facilities. He ruled out the potential of increasing the interest on savings certificates. He also denied any trend within the National Bank of Egypt to offer short-term savings certificates with a return of 25% as some rumors spread.

Source: Daily News Egypt July 09, 2017 14:26 UTC