The Clap
National Bank of Egypt’s Deputy Chairman & Banque Misr’s Chairman were on the airwaves Saturday night with some updates on the newly-issued 25% interest certificates of deposit.
What
Almost 100 billion Egyptian pounds were brought in from the CD as of Saturday night, with the NBE & Banque Misr responsible for approximately 67% & 33%, respectively.
So what
NBE’s Deputy Chairman said that around 50% of the proceeds came from customers redeeming existing CD to buy into this one, with the other 50% being new money, adding that an uptick in remittances was noticed.
Now what
There is neither a set target for sales nor a set date for the end of the CD purchase period, but it’s unlikely that these certificates will last long.
