New High-Yielding Saving Certificates Amass EGP 100 Billion

Since the National Bank of Egypt and Banque Misr started offering new high-yielding saving certifications, which come with an unprecedented 25% interest rate and a one-year maturity period, the two state-owned banks have amassed nearly EGP 100 billion within 48 hours.

The saving certificates offer either a 25% annual interest rate or a 22.5% monthly interest rate. To match the demand for the new certificates, both the National Bank of Egypt and Banque Misr opened their doors over the holidays on January 6th and January 7th to serve Egyptian citizens.

The certificates will only be available for a limited time and can only be liquified six months after they’re issued.