Proceeds of NBE, Banque Misr's fresh high-yield CDs record EGP 109 bln in 3 days

Banque Misr said on Tuesday it has collected EGP 41 billion since Sunday, while the NBE reported it collected EGP 20 billion on Tuesday and EGP 48 billion over Sunday and Monday.

The 25 percent interest rate yielding CDs the NBE and Banque Misr had issued in January attracted nearly EGP 100 billion in the first 48 hours of issuance.

The new CDs, issued shortly after the maturity of the one-year 18 percent interest rate CDs, are meant to collect the $750 billion in savings -- from the previous CDs -- to avoid feeding the inflationary wave. The proceeds of the CDs reached $750 billion in 70 days and are being disbursed to their holders to the tune of $885 billion.

The NBE and Banque Misr offered two three-year CDs; one with a fixed monthly yield of 19 percent, the other with a decreasing yield of 22 percent.

Qatar National Bank (QNB) and Commercial International Bank (CIB) issued new CDs in the past two days.

Egypt’s inflation has been on the rise since the onset of the war in Ukraine.

In February, annual headline inflation hiked to 31.9 percent, while core inflation surpassed 40 percent, according to official figures.