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Banque Misr sells EGP 12.3bn of 15% certificates in 7 days

Banque Misr sells EGP 12.3bn of 15% certificates in 7 days
Accrued interest will be paid on a monthly basis

By: Islam Fadl

Cairo – Mubasher: Banque Misr sold EGP 12.3 billion of its new 15% annual rate savings certificates in seven days, the bank’s vice chairman Akef El-Maghraby told Mubasher on Tuesday.

Online sales of these certificates accounted for more than 85% of the total sales for about 50,000 customers, El-Maghraby added.

Accrued interest will be paid to certificate holders on a monthly basis, he revealed.

The value of these certificates amounts to EGP 1,000 and its multiples.

On 20 March, the bank decided to make these certificates available only through mobile and internet banking in a bid to encourage social distancing amid fears over the outbreak of the new coronavirus (COVID-19).

The certificates have also been available through ATMs and WhatsApp for Banque Misr's customers starting from 30 March.