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.