Egypt Tries to Coax Dollars Back With Higher Savings Returns
A currency exchange bureau in Cairo, Egypt.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Egypt’s biggest state-owned lenders are dangling higher returns on dollar-denominated certificates of deposit to foreigners and locals, in the latest push to tackle the country’s worst foreign currency crisis in years.
The new three-year certificates, which pay a guaranteed rate for a fixed period, from National Bank of Egypt SAE and Banque Misr SAE offer 9% per year, with the interest to be paid upfront in Egyptian pounds, the state-run Middle East News Agency said.