Banque Misr, NBE raise EGP 11B from new CDs sale in one day
Updated 1/8/2024 7:47:00 AM
Arab Finance: Banque Misr and the National Bank of Egypt (NBE) have raised EGP 11 billion combined in proceeds from the sale of the new certificates of deposit (CDs) in the first day of issuance, Chairman of Banque Misr and Head of the Federation of Egyptian Banks Mohamed El-Etreby told Lamees El Hadidi’s Kelma Akhira.
Within only 24 hours, NBE has received EGP 7 billion in proceeds from the sale of the new CDs, while Banque Misr has sold EGP 4 billion worth of the new CDs, El-Etreby said.
He added that Banque Misr’s proceeds from the CDs sale amounted to EGP 6 billion on the second day of issuance.
Moreover, he noted that both banks are expected to keep selling the recently offered CDs until February.
On January 5th, the largest two state-run banks started selling a new one-year CD at an annual interest rate of 27%, which will be disbursed annually.
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