Egypt’s 3 top lenders issue euro-dominated debt certificates for Egyptians abroad

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Egypt’s three largest state-owned banks have issued Saturday euro-denominated debt certificates for Egyptians living abroad, a senior source from one of the three banks told Amwal Al Ghad on condition of anonymity.

The National Bank of Egypt, Banque Misr, and Banque Du Caire will offer maturities of one, three and five years, with yields of 2 percent, 3 percent and 3.5 percent respectively.

The euro-denominated “Belady” certificate is set to disburse euro-dominated yields every six months, the source added.

The top three state banks, NBE, Banque Misr, and Banque Du Caire, had already announced a similar scheme on February 29 for dollar-denominated certificates.

“The dollar-dominated certificates come to answer the request of Egyptians abroad to use their savings to help their country’s economy,” said Immigration Minister Nabila Makram Ebeid said earlier

Egypt aims to encourage millions of Egyptians living abroad to pour their foreign currency savings into such certificates as it tries to ease an acute shortage of foreign currency that has hit the economy.