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Wednesday, 28 September 2016

NBE looking into adhering to El Sisi’s request to collect “loose change” from citizens

The National Bank of Egypt (NBE), took President Abdel Fattah El Sisi’s statements on Monday to heart, and is planning to assess possible mechanisms to collect “loose change” in banking transactions, said NBE Deputy Chairman Yehia Aboul Fotouh, Al Mal reported. El Sisi had requested that citizens make financial contributions to help complete low-income housing, suggesting that collecting “50 piasters here and there” may lead to a major fundraiser. Aboul Fotouh suggested that the NBE might open a “unified bank account” to collect this money from clients, and subsequently directing the funds to a body such as the Tahya Misr fund. State-owned banks may hold a meeting next week to discuss the spare change proposal, an unnamed banking sector source told Al Borsa. Another source added that taking part in the initiative “will not be mandatory [particularly not of privately-owned banks],” with the customer having the final say if their change gets donated.

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