NBE, Banque Misr new CDs attract EGP 471 bln in three weeks

Muhammed Khalid , Thursday 25 Jan 2024

The National Bank of Egypt (NBE) and Banque Misr collected EGP 471 billion in proceeds through their high-yield certificates of deposit (CDs) within three weeks following issuance, the chairmen of the two banks said in press statements on Wednesday.



NBE garnered EGP 305 billion from the sales of its 23.5-percent CDs, Chairman Hisham Okasha said in an interview with the Youm7 news website.

For his part, Mohamed El-Etreby, chairman of Banque Misr, said the bank collected EGP 166 billion in proceeds through its 27-percent CDs.

In January, the NBE and Banque Misr announced issuing new CDs with a minimum purchase value of EGP 1,000 and incremental options. These certificates are available for acquisition through online banking services, mobile applications, and branches.

The NBE and Banque Misr will repay more than EGP 500 billion in principal and interest of 22.5 percent and 25 percent one-year CD issued in January 2023. 

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