National Bank of Egypt raises $23 billion from high-yield certificates since March 21

Egypt’s biggest state lender, the National Bank of Egypt (NBE) has raised 425 billion Egyptian pounds ($23 billion) from the high-yielding savings certificates it introduced on March 21, said deputy chairman Yehia Aboul Fotouh on Sunday.

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.

The certificates are part of state efforts to stabilise the Egyptian currency after the pound depreciation move to try to unlock inflows.