Banque Misr, NBE’s CDs collect LE 11B during 1st day of issuance

CAIRO – 8 January 2024: The National Bank of Egypt (NBE) and Banque Misr raised more than EGP 11 billion in to their recently launched high-yield certificates of deposit (CDs) within 24 hours of issuance, Banque Misr’s Chairman Mohamed El Etreby said in televised statements.

The NBE raised LE 7 billion and Banque Misr secured LE 4 billion. Both banks issued one-year maturity saving certificates with a 27 percent annual yield or 23.5 percent monthly yield, El Etreby added.

The new certificates are accessible to individuals with a minimum purchase value of LE 1,000 and can be conveniently obtained through internet or mobile banking services or by visiting the banks’ branches located across the nation.

This comes as the CDs they launched last January 2023 began maturing and secured almost EGP 500 billion. The CDs had both annual and monthly yields of 25 percent and 22.5 percent respectively, were issued within the state’s efforts to tackle inflation.

Egypt’s annual inflation rate recorded 36.4 percent in November compared to 38.5 percent in October 2023, as reported by the Central Agency for Public Mobilization and Statistics (CAPMAS).