CAIRO: Egyptian banks have begun new plans to attract more cash to aid liquidity after their deposits declined drastically. Banks witnessed dramatic declines in their deposits due to expansions in purchasing bills and government treasury bonds, which are released semi-weekly to cover the budget deficit. The government has recently decided to use internal loans rather than external. Methods the banks have been using to attract much needed cash from the market to cover budget deficits include increasing deposit interests and setting new financial tools, such as savings certificates, in addition to the old tools. Banque Misr is one of the most important banks to announce its provision of new banking services, in order to satisfy clients' needs across all fields, especially for savings in local and foreign currencies. The bank has provided some savings certificates, varying between three, five and seven years, with a multi-advantages system in an effort to meet its clients' needs. Revenue will be added automatically to the current account or savings, as per client request without any extra charge. There is also the option of buying or exchanging earnings from any of the bank's 470 branches across the country. Clients can also take out loans on favorable terms with the certificate's guarantees in accordance with bank regulations.
