03:31 PM
Saturday 30 July 2022
I wrote – Manal Al-Masry:
Egyptian banks offer various savings pots in foreign currency to Egyptian clients working abroad who wish to invest their money or part of it in dollars, euros or sterling, in addition to the products offered in Egyptian pounds.
Three banks, namely Al-Ahly, Egypt and Cairo, are unique in providing certificates with different deadlines in foreign currencies to Egyptians working abroad in “dollars, euros and pounds sterling” under the name (My Country), which is the highest return offered on savings receptacles of the same currency in banks.
In 2016, Al-Ahly, Egyptian and Cairo banks obtained approval from the Central Bank to issue my country’s dollar certificates to provide a rewarding rate of return for Egyptians working abroad in their personal names and for their minor children.
The three banks still offer the same return on certificates applied from 2020, unchanged, despite the rise in interest globally on the US dollar since last March, with the US Federal Reserve raising interest rates.
My country’s certificates are issued in four types of foreign currencies (the dollar, the euro, the pound sterling, and the Australian dollar), and the conditions for the certificate are unified in all its different types, such as the interest rate, the periodicity of return exchange, and the minimum purchase at the level of 3 banks.
My country certificate is issued in the three currencies with terms ranging from one year, three years, or five years, and it is issued upon a request submitted by the Egyptian working abroad.
Any new customer wishing to deal with savings vessels in foreign currency in banks needs to open an account in dollars to allow them to issue a certificate or deposit away from his account in the Egyptian pound in which he deals.
In the following lines, Masrawy presents the details of my country’s certificates for Egyptians working abroad in the currency (dollar, euro, pound sterling, and Australian dollar) as it provides the best return on savings pots and they are sold to customers with the same conditions in 3 Al-Ahly, Egypt and Cairo banks:
My certificates are in dollars
One-year certificate: the interest rate is 2.1% annually, the return is paid every 6 months, and the purchase starts from the first $100.
The certificate may not be broken and redeemed only following the expiry of its terms.
My certificate for 3 years
The interest rate is 2.15% annually, the return periodicity is exchanged every 6 months, and the minimum purchase is $100.
The value of the certificate may not be redeemed before the lapse of 6 months from the working day following the day of purchase
My certificate for 5 years
Interest rate: 2.2% annually, the return periodicity is exchanged every 6 months, and the minimum purchase is $100.
The value of the certificate may not be redeemed before the lapse of 6 months from the working day following the day of purchase.
My certificates are in Euro
Term Certificate (General): The interest rate is 0.5% annually, the return periodicity is paid every 6 months, and 100 euros is the minimum purchase price for the certificate. The value of the certificate may not be refunded during its validity period.
My certificate has a term (3 years): the interest rate is 0.75% annually, the return periodicity is exchanged every 6 months, and the minimum purchase is 100 euros.
My certificate is for a term (5 years): the interest rate is 0.85% annually, the return periodic is exchanged every 6 months, and 100 euros is the minimum purchase, and the value of the certificate may not be redeemed before the lapse of one year, starting from the working day following the day of purchase.
My certificate is in sterling
Certificate (year term): Interest rate: 0.5% annually, return periodicity: every 6 months, minimum purchase of 100 pounds, and the value of the certificate may not be redeemed during its validity period.
Term certificate (3 years): the interest rate is 0.75% annually, the periodicity of the return is exchanged every 6 months, the minimum purchase is: 100 pounds, and the value of the certificate may not be redeemed before the lapse of 6 months starting from the working day following the day of purchase
A term certificate (5 years): the interest rate is 0.85% annually, the periodicity of the return is exchanged every 6 months, the minimum purchase amount is 100 pounds, and the value of the certificate may not be redeemed before the lapse of one year from the working day following the day of purchase.
My certificate is in Australian dollars
Term certificate (year) in Australian dollars: the interest rate is 1.25% annually, and the periodicity of the exchange return is 6 months, and the purchase starts from the first 100 Australian dollars, and the value of the certificate may not be redeemed during its validity period.
Certificate (3 years term): the interest rate is 1.35% annually, the return periodicity is exchanged every 6 months, and the minimum purchase amount is 100 Australian dollars.
A term certificate (5 years): the interest rate is 1.45% annually, the return periodicity is paid every 6 months, and the minimum purchase amount is 100 Australian dollars.