Egypt's state banks offer dollar-deposit certificates to ease hard currency shortage

STORY: Egypt's state banks offer dollar-deposit certificates to ease hard currency shortage DATELINE: July 26, 2023 LENGTH: 00:00:48 LOCATION: Cairo CATEGORY: SOCIETY/ECONOMY SHOTLIST: 1. various of U.S. dollars 2. various of the National Bank of Egypt (NBE) and Banque Misr STORYLINE: Egypt's two state-owned banks issued Tuesday high-interest U.S. dollar-deposit certificates to lure hard currency back into the country's financial system. On their Facebook pages, Banque Misr and the National Bank of Egypt said they are offering a three-year dollar-denominated deposit certificate with 9 percent annual interest to be paid upfront in Egyptian pounds. Both banks also offer another three-year dollar deposit certificate with 7 percent interest paid quarterly in dollars. It will allow depositors to receive a loan equal to half its value with a maximum of 10 million pounds (about 324 dollars). A deposit of 1,000 dollars is the minimum sum for buying a certificate, the two banks added. The Egyptian local curren