Cairo – Mubasher: The National Bank of Egypt (NBE) and Banque Misr registered over EGP 13 billion on the first day of issuing saving certificates at an annual interest rate of 18%, the Middle East News Agency (MENA) reported on Tuesday.

Vice Chairman of the NBE, Yehia Abou El-Fotouh, noted that EGP 8 billion worth of the new saving certificates were recorded on the first day of their issuance.

Meanwhile, Akef El Maghraby, Vice Chairman of Banque Misr, pointed out that the combined value of the 18% certificates had amounted to EGP 5 billion on the first day.

It is worth noting that the two local banks issued the one-year saving certificates on 21 March, after the Central Bank of Egypt (CBE) had decided to raise interest rates by 100 basis points.