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Egypt’s two biggest state-owned banks, National Bank of Egypt and Banque Misr, have collected 383 billion Egyptian pounds ($24 billion) from a new high-yield savings product they introduced in March.
NBE announced that it would stop issuing the annual high-yield platinum certificate of 15 percent for a period of one year, starting today, Monday, after it had collected about 280 billion pounds.
On the other hand, Banque Misr has stopped issuing the Ibn Misr certificate as of Monday, after collecting about 103 billion pounds according to its Chairman Mohamed Eletreby.
In March, Banque Misr and the National Bank of Egypt (NBE) offered new saving certificates with 15 percent annual yield. The two banks limited the certificate purchase to electronic channels to ensure the safety of customers and employees amid the spread of the Coronavirus.
