Largest Banks in Egypt Launch Dollar Deposits

Today, Tuesday, "Banque Misr" and "National Bank of Egypt" launched high-yield dollar deposit certificates in a latest attempt by the country to attract dollars from the black market and reintegrate them into the banking system. The two largest state-owned banks in Egypt offered three-year dollar deposit certificates with an annual yield of nine percent, paid in advance in Egyptian pounds. They also stated that they are offering another dollar deposit certificate for a duration of seven years, with a yield of seven percent, paid quarterly in US dollars. The certificates are available to both Egyptians and foreigners with a minimum deposit of one thousand dollars.