Egypt’s Nasser Social Bank to offer certificates of deposit at 16%

Nasser Social Bank (NSB), part of the Egyptian Ministry of Social Solidarity, will offer three-year certificates of deposit at 16 percent, chief executive Minister Ghada Wali announced Thursday.

The certificates of deposit are part of efforts to support the national economy and stabilise the Egyptian pound after the central bank ditched its U.S. dollar peg and raised benchmark interest rates by 300 basis points to try to unlock inflows and curtail the currency black market.

Earlier, the National Bank of Egypt, Banque Misr, Banque Du Caire announced on November 3rd offering 18-month certificates of deposits at 20 percent and three-year certificates of deposit at 16 percent.

Nasser Social Bank is an interest-free savings and investment bank for social and economic development, pension, and social security business.