NBE, Banque Misr garner EGP 91 billion from 25% saving certificates within 3 days

The National Bank of Egypt (NBE) and Banque Misr announced that the proceeds of the one-year saving certificates with 25-percent yield amounted to EGP 91 billion within 3 days, according BM’s Chairman Mohamed El Etreby.

Speaking to the media, El-Eterby said that the certificates will be available for clients for only a limited time – three weeks at most.

Both State-owned banks announced last Wednesday that they were issuing new one-year maturity saving certificates with a 25 percent yield after one year, the highest yield on record in Egypt so far.

The new certificates are also available at a 22.5 percent yield for monthly disbursement.

However, the National Bank of Egypt’s Chairman Hisham Okasha said his bank’s proceeds from selling the certificates amounted to EGP 60 billion from the beginning of their offering, while Banque Misr garnered EGP 31 billion.