NBE, Banque Misr expect EGP 500 billion proceeds from new CDs

The two banks had already collected EGP 17 billion in proceeds from the new CDs as of Saturday night, El-Etreby revealed during a phone call with Last Word (Kelma Akhira) TV show, hosted by Lamis El-Hadidy.

On Thursday, NBE and Banque Misr announced the issuance of new CDs, offering annual yields of 23.5 percent and 27 percent, respectively.

These certificates, which can be acquired through online banking services, mobile applications, and branches, require a minimum purchase value of EGP 1,000, with additional incremental options available.

Within just 24 hours of their introduction, the two banks collected EGP 11 billion in proceeds from the new CDs through online banking services, as Friday was a public holiday.

El-Etreby emphasized that due to their high cost to the banks, these certificates cannot be issued with a maturity period of three years, stating: "The 27 percent CDs cause us losses, but the two banks have a national role."

El-Etreby expressed confidence that the certificates would yield the desired results and contribute to the reduction of inflation.