Egypt banks receive 11bn in a day for new high-interest CDs ...Kuwait

Egypt’s two major national banks have collected about 11 billion Egyptian pounds (around $357.65 million) in citizens’ deposits for newly issued high-yield certificates of deposit (CDs) within one day of their release, amid a tumultuous economic crisis facing the country. The National Bank of Egypt (NBE) and Banque Misr, the country’s two major banks where most Egyptians' savings are kept, issued new CDs on Thursday offering an interest rate of up to 27 percent annually. This came just after earlier CDs from 2023 were due to be cashed out by clients, local news outlets reported.   “The move of putting forward high-interest CDs is meant to garner as much cash as possibl

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