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Egypt’s two biggest state lender, the National Bank of Egypt and Banque Misr have launched on Sunday two certificates of deposits (CDs) for three years, the first is with fixed yield of 19 percent, while the second is with a declining yield of 22 percent.
The second certificate is disbursing a yield of 22 percent over the first year, 18 percent over the second year, and 16 percent over the third year.
The issuance of these CDs follows the interest rate hike applied by the Central Bank of Egypt (CBE) on Thursday and coincides with the due dates of the 18 percent annual yield CDs that started on March 19.
