Egyptian Banks Introduce Dollar Deposit Certificates to...
International News
August 8, 2023
In an effort to bolster the country's financial system and stabilize the Egyptian local currency, two state-owned banks in Egypt have introduced high-interest U.S. dollar-deposit certificates. These measures are intended to attract foreign currency back into the economy, as the Egyptian pound has experienced a significant depreciation, losing nearly half of its value since March 2022.