Analysts ruled out that the money market would be affected by the high-yield dollar savings certificates offered by the National Bank of Egypt and Baque Misr to attract dollar liquidity. Elite holders can borrow in Egyptian pounds, up to 50% of the certificate’s redemption value, up to a maximum of EGP 10m. Mohamed Fahmy, head of the risk sector at Misr Capital, the investment arm of Banque Misr, said that the new certificates provide new opportunities for those who have dollar savings. Hany Genena, chief investment strategy analyst at Thndr, said that stocks will remain an attractive investment vessel after individuals realize the real gap between core inflation and returns from certificates and deposits. He explained that the new certificates provide a comparative advantage for the state, especially as it needs dollar liquidity.

Source: Daily News Egypt July 30, 2023 12:42 UTC