Egypt’s NBE offers 1-yr CD with 23% daily yield

BanksEgypt NewsFeature
By Nada Ali
National Bank of Egypt
The National Bank of Egypt (NBE) is the country's largest bank in terms of assets, deposits, loans, bank-capital, number of total branches, and employees.

The National Bank of Egypt offered on Thursday a new one-year certificate of deposit (CD) starting from 1000 Egyptian pounds and multiplies, with a daily yield of 23 per cent, monthly yield of 23.5 per cent, or annual yield of 27 per cent.

These certificates can be used as collateral for loans and credit cards, the bank said, adding that the redemption is allowed after six months from the purchase date.

The Monetary Policy Committee raised deposit, lending, and main operation rates by 600 basis points to 27.25 per cent, 28.25 per cent, and 27.75 per cent, respectively. Credit and discount rates were also increased to 27.75 per cent.

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