Egypt’s second-largest state lender Banque Misr has collected 87 billion pounds ($4.75 billion) from the high-yielding savings certificates it introduced eight days ago, said chairman Mohamed El-Etreby.
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The one-year certificates, carry an 18 percent yield, were launched on March 21 after the central bank hiked benchmark interest rates by 1 percent and depreciated the pound against the U.S. dollar by 14 percent.
The certificates are part of efforts to stabilise the Egyptian pound after the pound depreciation move to try to unlock inflows.
