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100 billion pounds, the outcome of the National Bank of New Certificates

Vice President of National Bank of Egypt said that his bank the proceeds from higher-yielding savings certificates stood at 100 billion pounds since the liberalization of the exchange rate in the third of November so far.

Yahya Abul Fotouh said in a telephone interview for "direct", on Sunday, that his bank aims to attract new customers through certificates that have been put forward by a yield of 16% and 20%.

The Abul Fotouh, that savings certificates will not be discontinued during the current period, but did not give the bank the proceeds dollar since the decision to float the pound.

The Egyptian Central Bank official had said on 16 November via email for "direct" that the Egyptian banks proceeds from the dollar stood at $ 2.6 billion since the decision to float the exchange rate on 3 November.

The Hisham Okasha, head of the National Bank said on 21 November, the value of purchases of new savings certificates amounted to 85 billion pounds.

And attracted new certificates Imola from outside the banking sector accounted for about 17.6%, equivalent to about 15 billion pounds to buy high-yielding investment certificates during the past two weeks.

And put up a bank and National Bank of Egypt, in conjunction with a floating currency, new certificates of deposit interest rate of 16 and 20% for maturities of three years and 18 months, respectively.

Central Bank of Egypt issued a uniform conditions of Egyptian banks to grant mortgage financing for low-income people.

Central said in a statement on Sunday, that low-income people face difficulty in obtaining a mortgage as a result of their low incomes or difficult to prove.

I give the central three-month deadline for banks to comply with the terms of the new financing and not the list, according to the statement.

The statement said that the target groups include the acceptance of funding all the liberal professions, and the unit is financing 85% of their value.

The conditions included that the Bank may issue an insurance policy against the risk of death and total disability and bears the cost of the bank, according to the statement.

The statement continued: "Banks is committed to increasing the length of the straight-system financing period ranging from 10 years at a minimum, and maximum of 20 years."

The Central Bank of Egypt has issued in February 2014 initiative to the real estate for low and middle income; in order to encourage mortgage finance by providing long-term financing with low return rates; to ensure the provision of support for these groups, and have been allocated 10 billion pounds.

The Central Bank of Egypt decided in its meeting held on February 172,016 modify some of the terms of the initiative in the absence of the ability of certain categories of low-income people to take advantage of them; as a result of reduced income, or the inability to prove, especially lower-income groups than 1,400 pounds per month.

In last May it signed the banks: (Al-Ahly, Egypt, and Cairo, and the Housing and Development) average financing term contract valued at 20 billion pounds for the benefit of the social housing fund; in order to make them available within the mortgage finance initiative.

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