Banque Misr Chairperson Mohamed El-Etriby said his bank and the National Bank of Egypt (NBE) have invested EGP 3bn in the Egyptian Exchange (EGX) to support the stock market, as part of the state’s plan to cushion the impact of the COVID-19 outbreak on the national economy.

Moreover, Deputy Chairperson of Banque Misr Akef El Maghraby said the two banks will offer 1-year saving certificates with a 15% yield on Sunday.

The measures adopted by the country’s two largest banks aim to help the EGX and the household sector face the negative effects of the Coronavirus spread.

The Central Bank of Egypt (CBE) had also made several decisions to support the national economy this week, including a decision to cut interest rates by 3%. The CBE said the emergency cut will maintain inflation within the target of 9% (±3).