Cairo – Mubasher: Three state-owned banks in Egypt have released a three-tranche euro-denominated investment certificates for Egyptians living abroad, the National Bank of Egypt (NBE) stated.
These banks are NBE, Banque Misr and Banque du Caire.
The certificates have a maturity of one, three, and five years with fixed annual interest rates of 2%, 3%, and 3.5% respectively, NBE added.
Egypt seeks to urge Egyptians living abroad to inject their foreign currency savings into these certificates in order to help mitigate the steep decline in the country’s foreign currency reserves.
