£24bn in two days… Banque Misr chief reveals details of new certificates 25%

Mohamed El-Etrebi, President of Banque Misr and President of the Federation of Egyptian Banks, expressed hope for inflation to ease over time, pointing to the issuance of new 25% certificates for a limited period and a focus on reducing inflation.

During a phone call to Facts & Secrets, Mohamed El-Etrebi clarified, “We expect inflation to come down, but it takes time,” noting that “issuing new 25% certificates for a limited period aims to bring inflation down, and that we hit £24bn within two days of their release.”

Al-Ethribi said that Banque Misr and Al-Ahly Bank will bear the high cost of the new certificates, as well as suffer declining profits to support the national economy, and they will not raise borrowing rates.

He said the interest rate had risen in 2016 and then gradually declined again, pointing out that the Ukrainian crisis had fueled inflation around the world.

He added that the inflation rate in the United States of America has reached 10%, explaining that the emerging economies have suffered more than the economies of large countries.

Source: Al-Masri Al-Youm.

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