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

Published: Updated:
Enable Read mode
100% Font Size

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.

Advertisement

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.

Read more:

Egypt to discuss new IMF one-year financial support program amid coronavirus: PM

Coronavirus: Egypt implements nighttime curfew for Ramadan

Coronavirus cases in Egypt pass 3,000 mark, death toll at 224

Top Content Trending