El Etreby said that the NBE raised EGP 7 billion and Banque Misr secured EGP 4 billion
The National Bank of Egypt (NBE) and Banque Misr have witnessed an overwhelming response to their recently launched high-yield certificates of deposit (CDs). Within 24 hours of issuance, the CDs raised more than EGP 11 billion in proceeds, Banque Misr Chairman Mohamed El Etreby said in televised statements.
El Etreby said that the NBE raised EGP 7 billion and Banque Misr secured EGP 4 billion. Both banks issued one-year maturity saving certificates with a 27% annual yield or 23.5% monthly yield this weekend.
The new certificates are accessible to individuals with a minimum purchase value of EGP 1,000 and can be conveniently obtained through internet or mobile banking services or by visiting the banks’ branches located across the nation.
This comes as the CDs they launched last January 2023 began maturing and secured almost EGP 500 billion. The CDs had both annual and monthly yields of 25% and 22.5% respectively, were issued within the state’s efforts to tackle inflation.
Egypt’s annual inflation rate recorded 36.4% in November compared to 38.5% in October 2023, as reported by the Central Agency for Public Mobilization and Statistics (CAPMAS).
