Egypt’s NBE says new high-yield CDs raise 12 bln pounds in 3 days

The National Bank of Egypt (NBE) has raised 12 billion Egyptian pounds ($518.4 million) from its high-yielding certificates of deposit, launched when the central bank announced a flexible exchange rate, deputy chairman said on Sunday.

Yehia Aboul Fotouh made these remarks in a phone interview with local TV channel.

On Thursday, the NBE, the largest state-run lender, offered a three-year certificate of deposit at 17.25 percent. Earlier, the central bank held an exceptional monetary policy meeting, hiking interest rates by 200 basis points and announcing a “durably flexible” exchange rate in conjunction with a staff-level agreement for a $3 billion extended fund facility reached with the International Monetary Fund (IMF).

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