Egyptians have so far poured some EGP 155 bn into the record high-yield 25% CDs

Egyptians have so far poured some EGP 155 bn into the record high-yield 25% CDs released last week by the National Bank of Egypt (NBE) and Banque Misr, NBE Deputy Chairman Yehia Aboul Fotouh told Ala Mas’ouleety’s Ahmed Moussa in a phone call (watch, runtime: 12.:47).

 Some EGP 105 bn went to the NBE, while Banque Misr took EGP 50 bn, he said, adding that subscriptions were evenly divided between fresh deposits and those who invested after withdrawing from other CDs with lower yields.

Egypt’s biggest state-owned banks, NBE and BM, issued new one-year maturity saving certificates with a 25 percent yield after one year, the highest yield on record, in an aim to contain rising inflation by encouraging savings.

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