12:35 PM
Friday 14 October 2022
I wrote – Manal Al-Masry:
4 banks decided, starting this week, to double the interest rate on dollar certificates with different terms for the first time in 5 years, exceeding the interest rate applied globally.
Al-Ahly, Egypt, Cairo and CIB raised the interest rate on dollar certificates, with terms of 3 years, 5 years and 7 years.
While Banque Misr only raised the interest on the 3 and 5 year certificates, and kept the seven year certificate as it is.
CIB outperformed in the increase in the monthly return rate of 5.25%, while Al-Ahly, Egypt and Cairo banks distinguished themselves in the annual return periodicity of up to 5.30%.
The interest rate offered on certificates is more than the interest rate currently set by the US Federal Reserve of 3.25% annually, as well as from US bonds, which record between 4% and 4.5%.
4 banks allow the purchase of dollar certificates through their branches or from alternative channels, namely the Internet banking or mobile banking. To link certificates to the US currency, it is necessary to open a bank account in dollars to transfer the return on a regular basis with each entitlement.
In the following lines, Masrawy presents the details of interest rates on dollar certificates in 4 banks after increasing them:
National Bank of Egypt:
The new golden certificate for 3 years: the interest rate ranges between 5.30% annually, 5.25% semi-annually, 5.20% quarterly and 5.15% monthly.
Minimum purchase: From the first $500 or multiples thereof.
– People of Egypt dollar certificate with a term of 5 years: Interest rate ranges between 5.15% for the annual return, 5.10% annually for the semi-annual return periodicity, 5.05% annually for the quarterly interest-disbursement periodicity, and 5% annually for the monthly interest-disbursement periodic.
Minimum Purchase: Starts at $500 and multiples.
– The People of Egypt dollar certificate for a period of 7 years: the interest rate reaches 5.05% with an annual exchange periodicity, 5% annually with a semi-annual periodic exchange, 4.95% annually with a quarterly periodic exchange, and 4.90% annually with a monthly periodic.
Minimum purchase: Starting at $1000.
CIB . Bank
3-year term certificate: annual interest rate of up to 5.25%, paid monthly.
5-year certificate: the interest rate is up to 5% annually for the monthly return periodicity.
– Certificate with a term of 7 years: the interest rate reaches 4% annually, and the return is paid monthly.
The minimum purchase for any of these dollar certificates starts at a thousand dollars.
Egypt Bank
– 3-year stability certificate: the annual interest rate ranges between 5.15% annually for the monthly interest-disbursement periodicity, 5.20% for the quarterly interest-disbursement periodicity, 5.25% for the semi-annual return-disbursement periodic, and 5.30% for the annual return-disbursement periodicity.
The purchase of the certificate starts from the first $100, which is the lowest minimum purchase amount for dollar certificates at the level of major banks.
– Dollar stability certificate for 5 years: the annual interest rate ranges between 5% for the monthly interest-disbursement periodicity, 5.05% for the quarterly interest-disbursement periodicity, 5.10% for the semi-annual interest-disbursement periodicity, and 5.15% for the annual interest-disbursement periodicity.
Certificate purchase starts from the first $100.
Cairo Bank
– Primo certificate for 3 years: the rate of return ranges between 5.30% annually, 5.25% annually for the semi-annual return periodicity, 5.20% for the quarterly interest-disbursement periodicity and 5.15% for the monthly interest-disbursement periodicity.
– Primo certificate, 5-year terms: the interest rate ranges between 5.15% for the annual return, 5.10% annually for the semi-annual return periodicity, 5.05% annually for the quarterly interest-disbursement periodicity, and 5% annually for the monthly interest-disbursement periodicity.
– Primo certificate, 7-year terms. Interest rate: up to 5.05% on an annual periodicity, 5% annually with a semi-annual periodic, 4.95% annually with a quarterly periodic exchange, and 4.90% annually with a monthly periodic. The purchase of the certificate starts from the first $100.