National Bank of Egypt (Photo: Al-Ahram)
Egypt's three largest state-owned banks will offer Euro-denominated certificates to Egyptian expats starting at a minimum of €100 and its multiples, state news agency MENA reported on Sunday, citing the national bank of Egypt (NBE).
The new certificates are an addition to the 'Beladi' (My country) debt tool that was offered to Egyptians abroad last month in dollars to shore up Egypt's depleting foreign currency resources.
The new Euro denominated certificates will be available at an interest rate of 2 percent for the one-year certificates, 3 percent for the three years certificates and 3.5 percent for the five years certificates.
Egypt has been suffering from a foreign currency crunch since the 2011 uprisings, which has been exacerbated by plummeting tourism revenues since the deadly crash of a Russian airliner over Sinai last October.
Expat remittances registered $19.33 billion in the fiscal year 2014/15 according to data on the website of the Central Bank of Egypt.
Egypt's foreign currency reserves have declined by more than half since 2011, reaching $16.534 billion in February.