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NBE, Banque Misr garner over EGP679bln from 18% saving certificates till now

The National Bank of Egypt (NBE) and Banque Misr announced that the proceeds of the one-year saving certificates with a 18 percent return amounted to LE 679 billion since it was launched on March 21 till now.

The banks issued the certificates following an exceptional decision by the Central Bank of Egypt (CBE) last month to raise basic interest rates by 1 percent.

Meanwhile, Board chairman of the National Bank of Egypt Yahia Abul Fotouh said his bank’s proceeds from selling the certificates amounted to LE 464 billion from the beginning of their offering.

Board Chairman of Banque Misr Mohamed el Atribi told reporters that the bank garnered LE 215 billion in proceeds from the new high-yield savings certificates since it was launched.

The new certificates start from LE 1,000 and its multiples, and are issued for natural persons and minors.