Daily News Egypt

NBE, Banque Misr, Banque du Caire launch EGP-denominated saving certificates with 20% interest rate, 18-month maturity period - Daily News Egypt

Advertising Area




Advertising Area




NBE, Banque Misr, Banque du Caire launch EGP-denominated saving certificates with 20% interest rate, 18-month maturity period

The banks also launced three-year certificates with a 16% interest rate


The National Bank of Egypt, Banque Misr, and Banque du Caire announced on Thursday that they would launch new saving certificates in Egyptian pounds with a 20% interest rate for 18 months, as well as three-year certificates with a 16% interest rate.

The return on these certificates is earned every three months.

A senior banker told Daily News Egypt that these certificates were released in coordination with the Central Bank of Egypt to push clients to give up their US dollar savings and replace them with Egyptian pounds with a significantly high-interest rate.

He added that this step comes complementary to floating the Egyptian pound.

The source expected private banks to follow suit and raise interest rates on their saving certificates within the coming days.

 

Advertising Area




https://dailynewsegypt.com/2016/11/03/nbe-banque-misr-banque-du-caire-launch-egp-denominated-saving-certificates-20-interest-rate-18-month-maturity-period/
Breaking News

No current breaking news

Daily News Egypt Android App Available for free download on Google play
View
Daily News Egypt Ios App Available for free download on APP Store
View