Egypt’s state banks sell EGP 92 bn of high-yield certificates

The National Bank of Egypt has sold EGP 62 bn of its 15% fixed-rate certificates to some 340k customers, Chairman Hisham Okasha told Youm7. Banque Misr, meanwhile, sold EGP 30 bn-worth of the certificates thus far, Chairman Mohamed El Etreby told Hapi Journal. The state-owned banks began offering the certificates on 22 March to maintain cash liquidity in EGP.