Arab Finance: The National Bank of Egypt (NBE) and Banque Misr are set to stop the issuance of the certificates of deposit (CDs) with a 25% annual yield on Tuesday, January 31^st, Banque Misr’s Chairman Mohamed El-Etreby said in a televised phone call on January 29^th.

The largest two state-run banks’ proceeds of these CDs hit EGP 460 billion so far, El-Etreby added.

On January 4^th, NBE and Banque Misr started selling the new one-year CD at an annual interest rate of 25% which will be disbursed annually.

The lenders also offered the same CD at an annual interest rate of 22.5% which will be disbursed monthly.

The aim of issuing the certificate was to control inflation, attract foreign investments, and encourage dollar holders to convert it into local currency.

CBE urges banks to comply with rules on capital deposit certificates Updated 10/22/2025 9:55:00 AM

Legal obstacles hinder growth of Egypt's payments sector: Naguib Sawiris Updated 12/9/2024 3:56:00 PM

Telecom Egypt secures tier III design certification for regional data hub 2 Updated 11/18/2024 10:19:00 AM

Fawry’s Soft POS solution achieves CPOC, MPOC certifications Updated 11/4/2024 11:49:00 AM

Banque Misr, NBE reduce interest rates on USD CDs Updated 10/10/2024 10:09:00 AM