25% saving certificates to be suspended by end of January

CAIRO -16 January 2023: The issuance of Talaat Harb certificates with an annual return of 25 percent will be suspended at the end of January after the desired goal is achieved, Chairman of Banque Misr, Mohamed El-Etreby, said. 


On January 4, Banque Misr and the National Bank of Egypt (NBE) announced the launch of a one-year saving certificate with an annual interest of about 25 percent, which will be spent at the end of the period, or an interest of 22.5 percent, which will be spent monthly.


El-Etreby affirmed that the NBE and Banque Misr’s resort to offering this certificate aims to address inflation and attract foreign exchange, within the framework of the role played by the two banks as the two largest government banks in the market.


Officials at both banks estimated the proceeds of that certificate at about LE 274 billion since it was issued until the beginning of this week.