Banque Misr to suspend issuance of 25% saving certificate at January end: El Etreby

Banque Misr has achieved the specific purpose of launching the Talaat Harb high-yield savings certificates and it will be suspended at the end of this month, its Chairman confirmed Tuesday.

At the beginning of this year, Banque Misr decided to issue the Talaat Harb savings certificate which is a one-year savings certificate with a high yield of 25% annually and a fixed rate of return throughout the period of holding the certificate. The rate of return of the certificate will be disbursed at the end of the period. In addition, the return can be disbursed monthly with a return of 22.5% annually.

Furthermore, the certificate categories start with EGP 1,000 and its multiples for natural persons or minors, whether Egyptians or foreigners. The period is calculated from the day following the purchase.

Recently, 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.