Egypt’s NBE, Banque Misr collect EGP 304bn from 25% yield certificates

Egypt’s two biggest state banks, the National Bank of Egypt (NBE) and Banque Misr have collected about 304 billion Egyptian pounds ($10.25 billion) from their high-yielding savings certificates it introduced on January 4.

NBE and Banque Misr launched one-year certificates, carrying a 25 percent yield, the highest yield on record, on January 4 as part of efforts to contain the rising inflation by encouraging savings.

NBE raised from its savings certificates with a 22.5 percent and 25 percent yields are approaching 200 billion pounds, chairman Hisham Okasha said. Meanwhile, Banque Misr collected its 25-percent certificates around 104 billion pounds, said chairman Mohamed El Etreby.