By Ahmed Allam
Cairo – Mubasher: Egypt-based Banque Misr has collected EGP 22 billion from the new investment certificates, said Mohamed Al-Atribi, the head of the bank.
"The yields have been produced from Egyptian pound-denominated certificates with 16% and 20% interest rates", Al Atribi told Mubasher, revealing no further details.
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.
