NBE, Banque Misr collect EGP67bln from CDs

The National Bank of Egypt (NBE) and Banque Misr collected 67 billion Egyptian pounds from the recently issued certificates of deposits (CDs) within 24 hours, the two banks announced on Monday.

NBE and Banque Misr have issued two three-year CDs, one of which has a 19 percent fixed monthly interest rate, and the other has a 22 percent variable interest rate on Sunday.

The issuance of the CDs reflects the positive outlook for a decline in inflation rates, as well as a stability in the markets, in light of the Central Bank of Egypt’s tightening policy to curb inflation, said the Chairman of the Federation of Egyptian Banks and Banque Misr, Mohamed El Etreby.