Egypt state banks collect over $6 bln from coronavirus saving scheme

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Egypt’s two biggest state banks have collected almost 100 billion Egyptian pounds ($6.37 billion) from a new high-yield savings certificate they introduced last month, officials from the two banks were quoted on Sunday as saying.

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

The National Bank of Egypt had collected 66 billion pounds, its vice chairman said, and Banque Misr 30.6 billion pounds, its chairman said, according to the state Middle East News Agency.

The certificates appear designed to bolster incomes while reducing inflation pressure and dollarisation following the coronavirus outbreak, analysts say.

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