Egypt’s two biggest state banks collect EGP 636 billion from high-yield certificates since March 21

Egypt’s two biggest state banks have collected 636 billion Egyptian pounds (around $34.4 billion) from the high-yielding savings certificates it introduced on March 21, officials from the two banks were quoted as saying on Monday.

The one-year certificates, have an 18 percent yield, were launched shortly after the central bank hiked benchmark interest rates by 1 percent and depreciated the pound against the U.S. dollar by 14 percent. They are part of state efforts to stabilise the Egyptian currency after the pound depreciation move to try to unlock inflows.

Banque Misr’s certificates have raised 201 billion pounds, said chairman Mohamed El-Etreby. Meanwhile, the National Bank of Egypt’s (NBE) has collected 435 billion pounds, NBE chairman Hisham Okasha said.