NBE denies cancelling 15% yield certificates after launching new

The National Bank of Egypt (NBE) continues to offer the new 15 percent annual yield savings certificates, despite launching a new savings certificate under Group B with a 14 percent annual yield on behalf of the National Investment Bank according to its vice chairman Yehia Aboul Fotouh.

Launching new certificates with an annual yield of 14 percent doesn’t mean that the 15 percent-yield certificates would be cancelled, Aboul Fotouh noted.

Since being launched on 22 March, NBE and Banque Misr have collected 105 billion Egyptian pounds of the 15 percent-yield certificates, with NBE selling 75 billion pounds worth of these certificates, he pointed out.

The  new three-year certificates will be issued to natural persons and accrued interest will be paid on a quarterly basis.

In addition, a new three-year savings certificate with an 11.25 prcent annual yield will be offered to legal entities under Group D and accrued interest will be paid on a quarterly basis.