May 10, 2020 / 8:19 AM / a month ago

Egyptian state banks collect over $7 bln from high-yield certificates

CAIRO, May 10 (Reuters) - Egypt’s two biggest state banks have collected 121 billion Egyptian pounds ($7.7 billion) from a new high-yield savings certificate they introduced in March, officials from the two banks were quoted as saying on Sunday.

The one-year certificates, launched on March 22, carry a 15% yield.

The National Bank of Egypt’s deputy chairman said it had collected 82 billion pounds while Banque Misr’s chairman said it had gathered 39 billion pounds, state news agency MENA reported.

The certificates appear designed to bolster incomes while reducing inflation pressure and dollarisation following the coronavirus outbreak, analysts say. ($1 = 15.7700 Egyptian pounds) (Reporting by Omar Fahmy; Editing by Nadine Awadalla and David Clarke)

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