Saving Certificates
Banque Misr and the National Bank of Egypt (NBE) have announced the issuance of one-year maturity saving certificates with an impressive 27 percent annual yield or 23.5 percent monthly yield. This sets a new record for the highest yield in the country.
El-Etreby, who is also the Chairman of Banque Misr, said in a TV interview that it is scheduled to suspend working with those certificates before the end of January.
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.
The return of the certificate is paid at 25 percent interest at the end of the term, or at a monthly rate of 22.5 percent.
The National Bank of Egypt and Banque Misr issued Sunday a new saving certificate with a variable return of 17 percent.
The National Bank of Egypt (NBE) announced Thursday that it stopped issuing its platinum savings certificate with 20% annual return rate.
CBE has stressed that the banking sector has achieved considerable success, as the total amount of saving certificates reached approximately LE 150 billion.
