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Why is Pharaoh Horemheb relevant to savers in Ireland today?


Horemheb was the last pharaoh of the 18th Dynasty of Egypt. He ruled for 14 years somewhere between 1319 BC and 1292 BC. Over 3,300 years ago.

If you had deposited one deben in the Bank of Cairo at the time he came to the throne of Egypt and (conveniently ignoring the reality of taxation, inflation and currency movements) assuming you earned the typical interest rate being paid by Irish Banks on demand deposits of 0.01%pa you would now have the princely sum of €40 in your account.

I suspect that this rate has been selected in preference to actually charging a negative interest rate - but as you can see, the effect it pretty much the same.

I picked this time period because, of course, €40 is precisely the amount a higher rate tax payer receives in tax relief when making a pension contribution of €100 today. Instantly. No need to wait for three thousand years!!!

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