Banque Misr receives LE 250M from high-yielding certificates of deposit

CAIRO - 12 February 2018: Banque Misr received LE 190 billion from the high-yielding Talaat Harb certificates of deposit it offered for individuals, said vice president of Egypt's second biggest bank Akef el Maghrabi.

Talaat Harb is an Egyptian financier who founded Banque Misr at the beginning of the last century to provide necessary funds for national economic development.

The tenure of Talaat Harb certificate with a 20 percent interest rate is 18 months, he added.

As for the other high-yielding Summit Certificate with a 16-percent interest rate, the official said their revenues are estimated at LE 60 billion.

He unveiled plans by Egyptian banks to issue new savings certificates with a periodical revenue to some segments of society in implementation of directives of President Abdel Fattah el Sisi.