Egyptian state banks collect over $10 bln from high-yield savings product

CAIRO, June 6 (Reuters) – Egypt’s two biggest state banks have collected 171 billion Egyptian pounds ($10.5 billion) from a new high-yield savings product they introduced in March, officials from the two banks were quoted as saying on Saturday.

The one-year product, launched on March 22, carry a 15% yield.

An official at the National Bank of Egypt said it had collected 122 billion pounds, while Banque Misr’s chairman said it had gathered 49 billion pounds, state news agency MENA reported.

$1 = 16.2250 Egyptian pounds
Reporting by Omar Fahmy; Editing by Nadine Awadalla and Mark
Potter