Huge turnout for Suez Canal certificates leads to drop in demand on US dollars
Foreign exchange market
London -MENA
Foreign exchange market dealers said that there is a decrease in demand on the US dollar due to the high turnout in buying investment certificates of the new Suez Canal Project.
Certificates were made available for purchase on Thursday at the National Bank, Banque Misr, Cairo Bank and the Suez Canal Bank.
The investment certificates are at the values of EGP 10, EGP 100, EGP 1,000 with a five year maturity and a 12% interest rate.
Banks reported a significant turnout of Egyptians seeking to purchase the certificates.
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