The National Bank of Egypt (NBE) announced the suspension of some certificates of deposit in various foreign currencies (dollars, euros, and pound sterling), including the “Belady”, “Ahl Masr”, and “Al Ahly Plus” certificates, effective September 1.
The bank explained that the new Gold certificate will be the primary alternative, after it has moved to cancel all return payment cycles except the monthly return, and to renew the certificates according to a new mechanism.
According to the bank, existing certificates will be converted to the new Gold certificate, according to the specified periods, as follows:
- The new three-year Gold certificate with a return (quarterly, semi-annually, or annually), and the renewal will be on the new three-year Gold certificate with a monthly return.
- The five-year Ahl Masr certificate with all its periods, with its renewal on the new five-year Gold certificate with a monthly return.
- The seven-year Ahl Masr dollar certificates with all its periods, with its renewal on the new new seven-year gold certificate with a monthly return.
- Belady certificates in US dollar for one/three/five-year terms, and the renewal will be on gold certificates for three and five years with a monthly return.
- Al Ahly Plus certificates for three-year terms, with the renewal on new gold certificates for three years with a monthly return.
According to the announced amendments, NBE has set the monthly return on the new three-year Gold certificate at 4.75 percent instead of 5.15 percent, and 4.85 percent instead of five percent for the five-year certificate.
The monthly return for the seven-year certificate has been fixed at 4.90 percent.
