By Ramy Sameh
Cairo – Mubasher: Banque Misr has collected EGP 29 billion from the new investment certificates so far, said Mohamed Al-Atribi, the head of the bank.
Moreover, the bank has received $300 million since the Egyptian pound's free flotation, Al-Atribi added on the sideline of Middle East Banking Forum in Abu Dhabi.
On 3 November, the state banks decided to offer a year-and-half certificate and a three-year investment certificate, generating a quarterly yield to be sold at 16% and 20% interest rates respectively, Al-Atribi stated.
The same day witnessed a hike of Egypt's key interest rates by 300 points or 3% after the EGP exchange rate was free floated.
The Central bank governor Tarek Amer announced that banks received EGP 70 billion from the new certificates offered after EGP free flotation.
