(AFP File Photo)
The percentage of citizens who purchased the Suez Canal investment certificates during the first several days was around 90%, Governor of the Central Bank of Egypt (CBE) Hisham Ramez announced Sunday at a press conference. He added, however, that during the final stages, the percentage settled at 82% for citizens and 18% to institutions and companies.
A total of around 70,000 people purchased the EGP 10 certificate and around 150,000 purchased the EGP 100 certificate. The largest figure recorded was for the EGP 1,000 and its multiples.
Ramez stated that EGP 350m were collected from Egyptians abroad.
Ramez pointed out that requests orders for purchasing the certificates were 1.1m, adding that business transactions at banks reached 2m.
Ramez stated that EGP 350m were collected from Egyptians abroad, adding that $1.5bn were covered to Egyptian pounds to make these purchases.
“We allowed that purchases through Egypt post for two days only and around 25,400 persons purchased certificates and some EGP 730m were collected,” Ramez said.
“Bank deposits within this period decreased by some EGP 32bn and the total of loans that were taken to purchase those certificates didn’t exceed EGP 5bn,” he added.
“Total value of purchases that came from outside the banking sector is EGP 27bn,” Ramez said.
Rames expressed his gratitude to “colleagues at the banking sector” throughout “eight days of hard work” as well as all media personal who followed up on the work.
“My biggest thanks go out to Egyptians who have finished this process in record timing,” the CBE governor said.
“I wouldn’t have imaged to collect that figure within eight days,” Ramez said.” I believed it will be done through a month or a month and a half.”
On 31 August, Ramez said that around 6m tax-exempted Suez Canal investment certificates are ready to be issued, following the presidential approval of the certificates’ law. He added that no ceiling will be placed for acquiring Suez Canal investment. The certificates were released early September.
During the first two days of their release, the certificates collected EGP 14.5m. On 9 September, this figure hiked to 28bn, and on 11 September it increased by EGP 11.5, bringing the total sales to EGP 39.5bn within a week of their release.
On 14 September, the certificates’ sales registered EGP 49bn. Early 15 September, the governor stated that the certificates have collected EGP 55bn. Later that day, Ramez announced that the printing of the certificates will be stopped after successfully collecting EGP 57bn.
On 16 September, the CBE governor pointed out that the investment certificates were sold out, adding that the total sales recorded EGP 64bn ($8.5bn).
The investment certificates were issued at the values of EGP 10, EGP 100, EGP 1,000 with a five year maturity and a 12% interest rate.
The CBE governor stated earlier that the interest on the EGP 1,000 certificates can be collected on a quarterly basis. However, the interest on investment certificates between EGP 10 and EGP 100 will be cumulative – redeemed at the end of the five year period.
On the expectation of using the investment certificates for other projects, such as new and renewable energy, the governor said that each project will have its own financing abilities.
