Cairo – Mubasher: The National Bank of Egypt (NBE) said it raised nearly EGP 100 billion from the new investment certificates that it issued recently, said Yehia Abu El Fotouh I, Deputy Chairman.
Earlier, NBE offered Egyptian pound-denominated certificates with 16% and 20% interest rates.
“The bank targets attracting more clients through issuing the new certificates,” said Abu El Fotouh.
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.
