Nabila Makram - File Photo
CAIRO – 6 September 2017: Egypt’s Belady U.S. dollar-denominated certificates’ yields reached $200 million, Minister of Immigration Nabila Makram announced Wednesday.
Makram added in a press conference that there is cooperation with the Ministry of Defense to train young Egyptian expatriate generations and make them aware of the importance of the Egyptian national security.
In February 2016, three state-owned banks issued U.S. dollar-denominated certificates entitled “Belady” to encourage Egyptians living abroad to pour their dollar savings into special certificates.
The minister noted at the time that these certificates will allow Egyptian expatriates to transfer their earnings from the dollar certificates to banks abroad, which will guarantee their rights.
The three banks are the National Bank of Egypt (NBE), Banque Misr and Banque du Caire. They offered maturities of one, three and five years, with interest rates of 3.5 percent, 4.5 percent and 5.5 percent, respectively.