Arab Finance: The National bank of Egypt (NBE) has received EGP 215 billion in proceeds from the sale of the 25%-yield certificates of deposit (CDs) so far, the bank’s Deputy Chairman Yehia Abou El-Fotouh told Asharq Business in an interview on January 18th.
Half of the proceeds resulted from breaking previous saving certificates, Abou El-Fotouh pointed out.
It is noteworthy that the NBE is reportedly considering stopping the issuance of the 25%-yield CDs before the end of January.
On January 4th, both Banque Misr and NBE announced the issuance of the new one-year CD with an annual interest rate of 25%.