Banque Misr raises EGP 31 billion from high-yield certificates in three days

Egypt’s second-largest state lender Banque Misr has collected 31 billion Egyptian pounds ($1.7 billion) from a new high-yielding savings certificates it introduced three days ago, said chairman Mohamed El-Etreby on Wednesday.

The one-year certificates, launched on March 21, carry an 18 percent yield.

The certificates are part of efforts to stabilise the Egyptian pound after the central bank depreciated the pound by around 14 percent against the U.S. dollar and hiked benchmark interest rates by 1 percent to try to unlock inflows.