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Today: Jun 14, 2024

Egyptian Banks’ Offer: Earn Up to 27% Returns on Savings!

1 min read

The National Bank of Egypt (NBE) and Banque Misr will offer new savings certificates with returns of 23.5% and 27% through their branches starting from Monday. The certificates are issued in denominations of EGP 1,000 and multiples thereof, targeting adult Egyptians and foreigners, whether individuals or minors. Mohamed El-Etreby, the Chairperson of Banque Misr, expects the proceeds from these certificates to exceed half a trillion pounds between Banque Misr and the National Bank of Egypt. He said in a television interview that the two banks collected about EGP 11bn on the first day of offering these certificates through electronic channels, ATMs, and branches in commercial malls, hotels, and airports. He expects the offering of these certificates to continue until next February, explaining that the proceeds from the 22.5% and 25% certificates offered in January 2023 amount to around EGP 500bn. About EGP 168bn belongs to Banque Misr, due between 5 January and 2 February, along with other certificates that also mature during the same period, which could increase the demand for the new certificates.