Earlier today, the National Bank of Egypt (NBE) and Banque Misr issued new three-year foreign currency saving certificates, finally catering to clients’ ongoing demands, seeking to transfer savings to dollar currency.
According to the two banks’ statements, the dollar certificates will be available to issue as of Wednesday, July 26.
The bank stated that the value of the certificates amounts to at least $1,000, and the interest rate shall be applied a day after the purchase, noting that the value of the certificate could be refunded six months after the purchase date.
Furthermore, NBE’s statement explained that the first NBE three-year certificate, NBE Platinum Plus, will have a fixed interest rate of 7%to be paid quarterly.
The statement added that the second NBE dollar certificate will yield an annual interest rate of 9%.
Meanwhile, Banque Misr announced the issuance of two three-year saving certificates, the “Summit” and “Elite”, in dollar currency.
According to the bank’s statement, the “Summit” certificate has an annual interest rate of 9%, and its return will be paid in advance accumulatively over three years, 27%, by the EGP currency. And as for the “Elite” certificate, which has an annual interest rate of 7%, will have a quarterly return to be paid in dollar currency.