Egyptians pour EGP 30 bn into new high-interest savings certificates

EGP 30 bn pours into new high-interest savings certificates: Egyptians invested EGP 30 bn into the new 15% fixed rate savings certificates launched by Banque Misr and the National Bank of Egypt last Sunday, Al Masry Al Youm reports. NBE reported that the new savings product had attracted EGP 20 bn within the first five days of launch while Banque Misr said EGP 9.3 bn had been invested into its certificates. The new certificates are part of government efforts to shore up the currency against a potential move by savers into the USD in response to the market turmoil caused by the covid-19 pandemic. NBE has also cut the interest rate on its USD certificates in an effort to deter people from holding the greenback.