National Bank of Egypt for Arabic: balance on certificates, with 25% interest rate, exceeded £200bn

Banque Misr and Al-Ahly Bank have announced that savings certificates issued at 25% interest have reached their desired target, and will be suspended for days, with a maximum at the end of the month in course.

Vice President of the National Bank, Yahya Aboul Fotouh confirmed, in statements to Al-Arabiya, that the balance of certificates with an interest rate of 22.5% and 25% exceeded 200 billion pounds.

On 4 January, the two banks issued one-year savings bonds, with a yield of 25%, to be paid at the end of the period, or with a yield of 22.5%, to be paid monthly.

Mohamed El-Etreby, chairman of the board of Banque Misr, said in a statement to the bank today, Monday, that the “Talaat Harb” certificate, with an annual yield of 25%, has achieved the desired objective and in it will be suspended for a few days, at the latest at the end of this month.