National Bank of Egypt, Banque Misr to halt issuing 25% CD before Jan-end

The National Bank of Egypt (NBE) and Banque Misr plan to suspend the issuance of their 25 percent-yield certificates of deposit (CDs) before the end of the current month.

The proceeds from the CDs have covered the target, the two banks said on Monday.

The two banks started issuing these CDs, which are also available with a monthly 22.5-percent yield, earlier in January.

The NBE raised from its CDs around 200 billion Egyptian pounds, selling over 60 percent of the certificates it offered, attracting 35,000 new clients to the bank.

Meanwhile, Banque Misr said it collected around 104 billion pounds from its CDs.