CAIRO: Immigration and Egyptian Expatriate Affairs Minister Nabila Makram traveled to the UAE Tuesday to promote the newly-launched U.S. dollar “Belady” certificates offered to Egyptian abroad, Youm7 reported.
Makram, along with representatives from the three largest state-owned banks issuing the certificate will meet with Egyptian expatriates in Dubai, Sharjah, Al Ain and Abu Dhabi to answer their inquiries on the new certificate.
The Belady certificate is offered to the Egyptian expatriates by the National Bank of Egypt, Banque Misr, Banque Du Caire for one, three and five years, with yields of 3.5 percent, 4.5 percent and 5.5 percent respectively.
Egypt has been suffering from a shortage of foreign currency since the 2011 upheaval that badly impacted foreign investors and tourism industry, which is the main source of foreign currency.
Makram said the new certificate “will hopefully tap the resources of over five million Egyptian expatriates.”
The remittances received from Egyptians working abroad stood at $19 billion in 2015; Central Bank of Egypt said in a statement late February.