Egypt launched a new scheme on Monday to encourage millions of Egyptians living abroad to pour their dollar savings into special certificates. The dollar-denominated "Belady" certificate will be offered to Egyptian expatriates by the country's three largest state-owned banks, Immigration Minister Nabila Makram Ebeid told a news conference. "These certificates come to answer the request of Egyptians abroad to use their savings to help their country's economy," said Makram Ebeid. The National Bank of Egypt, Banque Misr, Banque Du Caire will offer maturities of one, three and five years, with yields of 3.5%, 4.5% and 5.5% respectively. The Central Bank of Egypt will guarantee the right of investors to repatriate the yields they earn as well as their capital on maturity, in dollars to banks abroad, she said. The certificates will be available from Tuesday and are being offered at higher yields than typical market equivalents to encourage expatriate Egyptians to invest. (Reuters)