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Banque Misr, NBE to issue 15% savings certificates

Banque Misr, NBE to issue 15% savings certificates
Certificates will be offered on Sunday

By: Islam Fadl

Cairo – Mubasher: Banque Misr and the National Bank of Egypt (NBE) will issue savings certificates with a 15% annual yield, the highest in the local market, Banque Misr's chairman Mohamed El-Etreby told Mubasher.

These certificates will be offered on Sunday, 22 March, to support the bank's customers in the upcoming period amid the rising concerns over the novel coronavirus (COVID-19), he added.

Both banks earlier revealed that they will keep interest rates on their fixed-rate certificates unchanged.

It is noteworthy that the Central Bank of Egypt (CBE) decided to cut interest rates by 300 basis points in an emergency meeting in a bid to support the economy.