CAIRO: Egypt’s two biggest state banks have collected 171 billion Egyptian pounds ($10.5 billion) from a new high-yield savings product they introduced in March, officials from the two banks were quoted as saying on Saturday.
The one-year product, launched on March 22, carry a 15% yield.
An official at the National Bank of Egypt said it had collected 122 billion pounds, while Banque Misr’s chairman said it had gathered 49 billion pounds, state news agency MENA reported.
Egyptian state banks collect over $10bn from high-yield savings product
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