The National Bank of Egypt (NBE) and Banque Misr, the two largest state-owned banks in Egypt, decided to continue offering annual savings certificates with interest rates of 27% and 23.5%, after their maturity dates expired Sunday.
The CEO of the National Bank of Egypt Mohamed El-Etreby said that the bank is continuing to issue high-yield certificates to customers, whether by renewing certificates that have matured or issuing new certificates.
El-Etreby confirmed via a text message that the bank has not yet set a date to stop the certificates or issue new certificates instead.
A Banque Misr official confirmed that the issuance of savings certificates with interest rates of 27% and 23.5% annually will continue in all the bank’s branches and through digital channels, and no time has been set to stop making them available to customers.
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