PM Orders Feasibility Study be Outlined for City of HospitalsSource: www.export-egypt.com 1/22/2024, Location: Africa |
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The Commercial International Bank (CIB) has issued new premium certificates of deposits (CDs) that offer a fixed monthly yield of up to 22 percent, according to the bank’s website.
To acquire these new premium CDs, individuals can invest a minimum value of EGP 5 million, with increments of EGP 1,000. Additionally, CIB also released three-year plus certificates, which provide a fixed monthly interest rate of 21 percent and require a minimum purchase value of EGP one million. Furthermore, the bank introduced triple prime certificates that offer a fixed monthly interest rate of up to 20 percent, with a minimum subscription value of EGP 100,000. This move by CIB follows the recent issuance of high-yield CDs by the National Bank of Egypt (NBE) and Banque Misr earlier this month with annual yields of 23.5 percent and 27 percent respectively, and a minimum purchase value of EGP 1,000, along with incremental options for each CD. Subsequently, several government and private banks have also issued a variety of daily and annual high-yield certificates to maintain competitiveness and prevent the outflow of customer savings. Last week, Nasser Social Bank (NSB) launched new CDs with an annual yield of up to 20 percent and a three-year maturity period, and an investment account named the "Day by Day" account, which guarantees a yearly yield of 15 percent. The primary objective behind the issuance of these high-yield CDs by Egyptian banks is to reduce cash liquidity in the economy and thereby curb inflation. Egypt experienced a surge in headline inflation rates during the initial months of 2023, reaching a peak of 40.3 percent in September before gradually decelerating to 35.2 percent in December. Furthermore, these new CDs aim to attract funds from NBE and Banque Misr, which issued CDs with yields of 25 percent and 22.5 percent respectively in January 2023, totalling EGP 500 billion in principal and interest. In addition to CIB, other banks in Egypt are also offering high-yield certificates. The Housing and Development Bank (HDB) issues luxury CDs with an annual yield of 20 percent and a minimum purchase value starting from EGP 100,000. Al-Baraka Bank issues three-year Islamic Sharia-compliant CDs with an interest rate of 19 percent and a minimum purchase value starting from EGP 1,000. Egyptian Gulf Bank (EGBank) also offers three-year CDs with an interest rate of 19 percent and a minimum purchase value starting from EGP 1,000. Furthermore, high-yield certificates are available from other banks such as the Agricultural Bank of Egypt (ABE), Arab Bank, Abu Dhabi Islamic Bank (ADIB), Ahli United Bank, Banque du Caire, and HSBC Egypt. |
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