The National Bank of Egypt (NBE) and Banque Misr launched on Monday one-year saving certificates with an 18% annual yield, following the Central Bank of Egypt’s (CBE) exceptional decision to raise the base rates by 1%.

Yehia Abou El-Fotouh, Vice Chairperson of the NBE, said the bank’s new one-year saving certificates’ interest will be paid monthly. 

Meanwhile, Banque Misr resumed issuing its savings vessel “Talaat Harb” for a one-year term.

The new certificates start from EGP 1,000 and its multiples, and are issued for natural persons and minors. 

In a statement, the bank said that the certificates are available at all its branches, which exceed 750 nationwide.