Egyptians buy up EGP 53 bn of new high-interest savings certificates

More than EGP 53 bn has been invested into 15% certificates: National Bank of Egypt’s certificates have attracted EGP 36 bn since their launch two weeks ago, while investments in Banque Misr’s certificates now stand at EGP 17.2 bn. The two state-owned banks began offering the one-year high-interest certificates on 22 March to encourage people to maintain savings in EGP as local currencies around the world come under heavy selling pressure.