The National Bank of Egypt, Banque Misr, and Banque du Caire announced on Thursday that they would launch new saving certificates in Egyptian pounds with a 20% interest rate for 18 months, as well as three-year certificates with a 16% interest rate.
The return on these certificates is earned every three months.
A senior banker told Daily News Egypt that these certificates were released in coordination with the Central Bank of Egypt to push clients to give up their US dollar savings and replace them with Egyptian pounds with a significantly high-interest rate.
He added that this step comes complementary to floating the Egyptian pound.
The source expected private banks to follow suit and raise interest rates on their saving certificates within the coming days.