Explainer: Why Are Egyptian Banks Introducing High Interest Rate Certificates of Deposit? ...Egypt

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Explainer: Why Are Egyptian Banks Introducing High Interest Rate Certificates of Deposit?
Photo credit: Enterprise Since the outbreak of the Russia-Ukraine war, Egyptians have been affected in multiple sectors. From lack of tourism to struggling with imports, the Egyptian economy, like many others around the globe, has been suffering from an economic crisis. To support the state and reduce the implications of the ongoing war on Egyptians, Egyptian banks have been releasing Certificates of Deposit (CD) with all-time high-interest rates to the public. The latest, were when Banque Misr and the National Bank of Egypt (NBE) introduced on Wednesday, 4 January, a one-year maturity savings certificate with a 25 percent interest rate, the highest yield on record for both banks. These newl

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