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The National Bank of Egypt (NBE) reported a high turnout for its newly introduced maturity saving certificates with fixed and variable yields.
The two certificates, one with a 19% fixed interest rate and the other with a 22% variable interest rate were announced Sunday, taking up savings to EGP 48 bn on the first day.
On Sunday, the NBE and Banque Misr issued two new three-year maturity saving certificates. The first certificate will have a fixed interest rate of 19% to be paid monthly. While the second is a variable-rate certificate with a 22% annual yield in the first year, 18% in the second year, and 16% in the third year to be paid monthly, as well.
