Proceeds of new CDs exceeded LE 32 billion in 3 days

A banking source revealed that the proceeds of the new certificates of deposits at the National Bank of Egypt and Banque Misr, with returns of 27 percent and 23.5 percent, exceeded LE32 billion during the past three days.

The source added that NBE’s proceeds exceeded LE17 billion, while Banque Misr’s reached about LE15 billion on Monday after work resumed after the end of the Christmas holiday.

The two banks saw large numbers of people flocking to their branch offices to buy new certificates or to exchange the value of the previous one with a return of 25 percent and 22.5 percent, after reaching its maturity period.

Al-Masry Al-Youm monitored high customer demand on Monday since early morning at the branches of the two banks in the areas of Dokki and al-Haram, returning and new alike, to purchase the new savings certificates.

These CDs last a year with a return of 23.5 percent per month and 27 percent per year, with a return that is paid out at the end of the period after a year.