Africa Finance

Egyptian state banks collect over $7 billion from high-yield certificates

A security takes his position in front of the National Bank of Egypt (NBE), also known as the Al Ahli Bank in Cairo, Egypt March 14, 2016. REUTERS-Amr Abdallah Dalsh

Egypt’s two biggest state banks have collected 121 billion Egyptian pounds ($7.7 billion) from a new high-yield savings certificate they introduced in March, officials from the two banks were quoted as saying on Sunday.

The one-year certificates, launched on March 22, carry a 15% yield.

The National Bank of Egypt’s deputy chairman said it had collected ‮‮82‬‬ billion pounds while Banque Misr’s chairman said it had gathered ‮‮39‬‬ billion pounds, state news agency MENA reported.

The certificates appear designed to bolster incomes while reducing inflation pressure and dollarisation following the coronavirus outbreak, analysts say.

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