Egyptian state banks gather $7.7 bln from high-yield certificates

Doaa A.Moneim , Sunday 10 May 2020

The National Bank of Egypt and Banque Misr have both seen strong yields from one-year savings certificates issued in March

The National Bank of Egypt (Photo: Al-Ahram)

Two Egyptian state-owned banks have collected EGP 121 billion ($7.7 billion) from new high-yielding certificates of deposit, officials from the two banks said Sunday.

The one-year savings certificates, launched in March, have an interest rate of 15 percent.
The National Bank of Egypt has collected EGP 82 billion, its deputy chairman Yehia Aboul Fotouh was quoted by state news agency MENA as saying.
Banque Misr, meanwhile, has raised EGP 39 billion, chairman Mohamed El-Etreby said, according to MENA.
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