Egypt's Nasser Social Bank introduces new certificates with up to 20% yield

Additionally, NSB introduced an investment account named the "Day by Day" account, which guarantees a yearly yield of 15 percent. This new account option will be available for customers starting from Sunday.

To open an account, individuals are required to deposit a minimum of EGP 500,000 with no maximum limit imposed. Furthermore, customers can benefit from the exemption of account opening expenses within the first three months.

Nivine El-Kabbag, Minister of Social Solidarity and chairman of NSB, expressed the bank's commitment to providing a diverse range of CDs tailored to the needs of both individuals and companies.

This move by NSB follows the recent issuance of high-yield CDs by the National Bank of Egypt (NBE) and Banque Misr, which offered annual yields of 23.5 percent and 27 percent, respectively.

The CDs released by NBE and Banque Misr attracted over $17 billion in the first two days alone, with expectations that the total proceeds will surpass EGP500 billion  by the end of the anticipated offering period in February, Mohamed El-Etreby, head of Banque Misr and chairman of the Federation of Egyptian Banks (FEB), said last week.

The objective behind the issuance of these high-yield CDs by Egyptian banks is to reduce cash liquidity in the economy, thereby curbing inflation.