Banque Misr to reintroduce Belady dollar-saving certificate to Egyptian expats, after raising rates: Chairperson

Daily News Egypt
3 Min Read

Mohamed El-Etreby, Chairperson of Banque Misr, said on Monday that the bank will reintroduce its Belady certificate in USD to non-resident Egyptians after raising rates on USD certificates in the bank.

He added, in a televised statement, that the bank seeks to offer incentives to motivate Egyptians residing abroad to subscribe to those certificates.

Banque Misr announced earlier that it would raise interest on dollar-saving certificates of three years term starting from $100 to reach 5.30% annually, 5.25% biannually, 5.20% quarterly, or 5.15% monthly as of Sunday. It also raised the interest on dollar-saving certificates of five years to reach 5.15% annually, 5.10% biannually, 5.05% quarterly, and 5% monthly.

El-Etreby stressed that this step came in line with the international trend to raise interest rate on the US currency after it was raised by the Federal Reserve several times recently.

He expected a high demand for dollar-saving certificates during the coming period, especially from outside the banking system, pointing out that there is dollar liquidity among citizens, but they preferred to keep it in their possession because of the low interest rates on dollar-saving vessels in banks in the last period.

He said that the certificates can be purchased through all the bank’s branches or online.

Meanwhile, El-Etreby confirmed that Banque Misr has not modified the rates of commissions and fees for cash withdrawal from ATMs, whether outside or inside Egypt.

He explained that what was reported about increasing the commission on cash withdrawals outside Egypt to 6% is incorrect, stressing that it is still 3%.

He continued that there are clear instructions for managing foreign exchange for people who go for treatment or to study abroad without any restrictions.

El-Etreby explained that banks have resorted to reducing withdrawal limits outside Egypt after discovering the misuse of cards abroad, which negatively affects our dollar resources.

He pointed out that withdrawals from ATMs affiliated with banks are without any fees, and only EGP 5 for withdrawals from another bank teller.

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