NBE, Banque Misr collect EGP 400 billion from 25% saving certificates since its issuance

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 400 billion since its issuance.

Speaking to the media, Hisham Okasha, NBE’s Executive Chairman, said that the proceeds of the one-year saving certificates with 22.5 and 25 percent yield have collected EGP260billion

The new 25%-savings certeficate since its launch on January 4 has attracted about 62,000 new customers to NBE’s client base, the bank added.

The bank added that about 60% of the savings was carried out through alternative channels (Al-Ahly Net, Al-Ahly Mobile, and the call center), and the rest through the bank’s branches spread across Egypt.

Okasha added that the new certificates have achieved its specific purpose of and the bank is studying the possibility of their suspension by the end of this month

Both State-owned banks announced at the beginning of January 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.