Egyptian banks' record high certificates of deposit collect in EGP 460 billion

Proceeds from the 25 percent and 22.5 percent saving certificates of deposit (CDs) offered by Banque Misr and the National Bank of Egypt (NBE) garnered EGP 460 billion in less than a month, said Chairman of the Federation of Egyptian Banks and Banque Misr Mohamed El-Etreby said.

Banque Du Caire is also suspending its record high CDS

Banque Misr and the NBE, Egypt’s biggest state-owned banks, as well as Banque du Caire, have announced that they will stop on Tuesday issuing the 25 percent annual yield CDs, which are also available with a monthly yield of 22.5 percent, less than a month after their issuance.

Meanwhile, Banque du Caire will continue to offer its Primo Gold Certificates of Deposit at an annual yield of 17.25 percent, a quarterly yield of 16.25 percent, and a monthly yield of 16 percent, the bank said on Monday.

The move to issue the new CDs aimed to tackle inflation and attract foreign exchange as the country has been hit by the ongoing global economic crisis sparked by the war in Ukraine.