Cairo – Mubasher: The National Bank of Egypt (NBE) has netted about EGP 475 billion through high-yielding certificates of deposit (CDs) launched when the Central Bank of Egypt (CBE) floated the pound on 3 November 2016, said deputy chairman Yehia Abu ElFotouh.

Egypt's largest lender has halted issuing 20%-yield CDs and cut the 16%-yield of CDs to a 15%-yield, Abu ElFotouh added. 

The top official noted that the state-run bank plans to issue certificates of deposit with a 17%-yield.

Commenting on the CBE's decision of reducing overnight interest rates by 1% on Thursday, Abu ElFotouh expected further rate cuts in 2018 on the back of the downtrend in inflation trajectory.

NBE’s posted EGP 13.4 billion in net profits for the fiscal year 2016/2017, according to the lender's data.