Suez Canal investment not to affect banking saving

GMT 01:15 2014 Tuesday ,26 August

Arab Today, arab today Suez Canal investment not to affect banking saving

Suez Canal
Cairo - MENA

Governor of the Central Bank of Egypt (CBE) Hisham Ramez said on Monday that the new Suez Canal investment certificates will not affect the rate of banking saving or liquidity in Egypt.
In a phone call with Sada el-Balad satellite channel, Ramez said that those certificates constitute financing instruments which will help increase the volume of funds in the banking sector to finance national projects including the new waterway.
Ramez said that a high turnout from citizens to buy the certificates is expected, stressing that their interest rates will reach 12 percent.
"The revenues of the Suez Canal will reach 5 billion dollars per year," he added.
He pointed out that the investment certificates will be only issued by the state-run banks, Misr Banque, National Bank of Egypt and Banque du Caire.


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