The National Bank of Egypt (NBE) and Banque Misr issued on Tuesday new three-year foreign currency saving certificates, catering to demands of clients seeking to transfer savings to dollar currency.
The dollar certificates will be issued as of Wednesday, according to the two banks.
The first NBE three-year certificate, NBE Platinum Plus, will have a fixed interest rate of seven per cent and its returns will be paid quarterly, according to a statement issued by the NBE.
The second NBE dollar certificate will yield an annual interest rate of nine per cent, the statement added.
The value of the certificates stands at at least $1,000 and the interest rate shall be applied a day after the purchase, the bank stated, noting that the value of certificate could be refunded after six months of the purchase date.
Meanwhile, Banque Misr announced the issuance of two three-year saving certificates, the “Summit” and “Elite”, by the dollar currency.
According to a statement by the bank, the “Summit” certificate have an annual interest rate of nine per cent and its return will be paid in advance accumulatively for the total three years, 27 per cent, by the EGP currency.
The “Elite” certificate, which has an annual interest rate of seven per cent, will have a quarterly return to be paid in dollar currency, Banque Misr added.
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