Egypt’s state banks collect $10.5bn from high-yield savings product – officials

Egypt’s two biggest state-owned banks have collected 171 billion Egyptian pounds ($10.5 billion) from a new high-yield savings product they introduced in March, officials from the lenders were quoted as saying on Saturday.

The one-year product, launched on March 22, carry a 15 percent yield.

An official at the National Bank of Egypt said it had collected 122 billion pounds, while Banque Misr’s chairman said it had gathered 49 billion pounds, state news agency MENA reported.