NBE, Banque Misr sell EGP 21 bn in new fixed-rate savings certificates in first three days

New bank certificates prove popular: The National Bank of Egypt and Banque Misr have sold EGP 20.9 bn of their new 15% fixed-rate certificates in the first three days, Hapi Journal reports. The banking sector has acted in concert with the Central Bank of Egypt to deter savers from piling into the USD. In addition to launching the new high-interest savings bonds, the National Bank of Egypt has cut interest on its USD certificates by 1.75-2.25% to try and steer people into holding the EGP. CIB also joined the effort yesterday by bumping up the rate on its three-year EGP certificates by 1.75-2.5 percentage points, Hapi Journal said.