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English news

28-Feb-2016

Public banks to sell investment certificates to Egyptian expatriates

National Bank of Egypt (NBE), in conjunction with Banque Misr and Bandue du Caire, is set to launch the sale of investment certificates to Egyptian expatriates, sources at NBE told Amwal Al Ghad. The certificates, to be denominated in USD, will be offered starting Monday and come as the latest attempt by authorities to attract foreign currency into the country, Al Borsa reported. The maturities of the CDs will be one, three and five years with respective interest rates of 3.5%, 4.5%% and 5.5% with a minimum subscription of USD100. The banks expect to attract USD0.5 billion to USD1 billion based on preliminary studies they did. (Al Borsa, Amwal Al Ghad)

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