State-owned banks National Bank of Egypt and Banque Misr will offer Egyptian pound investment certificates with a 15 percent yield in return for foreign currency, the head of National Bank of Egypt told Reuters on Monday.
The certificates will be offered beginning on Monday and will have a duration of three years, NBE said.
Last week NBE raised the interest rates on its three-, five- and seven-year dollar-denominated certificates of deposit to 4.25, 5.25, and 5.75 percent.
