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NBE, Banque Misr halt issuance of 15% Ibn Misr certificates

NBE, Banque Misr halt issuance of 15% Ibn Misr certificates
NBE has sold EGP 280 billion worth of these certificates

Cairo – Mubasher: The National Bank of Egypt (NBE) decided to halt the issuance of the one-year “Ibn Misr” certificates which have a record return of 15%, the bank’s Vice Chairman, Yehia Aboul Fotouh, told Mubasher.

The bank has sold EGP 280 billion worth of these certificates since its issuance, Aboul Fotouh revealed.

In addition, Banque Misr also stopped the issuance of the 15%-return certificates after collecting EGP 103 billion, the Vice Chairman, Akef El-Maghraby told Mubasher.

The one-year certificate has been launched in March by the two state-run banks.