Commercial International Bank
Egypt banks
$10,000 minimum
Cairo – Al Arabiya.net
Posted on: August 03, 2023: 07:50 AM GST Last updated: August 03, 2023: 09:11 AM GST
The Commercial International Bank of Egypt offered a dollar deposit for one year, with a return of 6%, to be paid monthly. The minimum deposit amount is $10,000.
The bank said in a statement that this deposit is a medium-term savings vessel, and allows customers to save their money without having to tie it up for a long time.
He added that the deposit can be recovered at any time, and there is no specific period for its recovery, such as savings certificates.
On Tuesday, July 25, 2023, the two largest government banks in Egypt announced the issuance of two new savings certificates in US dollars for a period of three years, amid a crisis of dollar scarcity.
The National Bank of Egypt issued two new savings certificates in US dollars for a period of three years.
According to a statement by the bank, the first dollar certificate, “Al-Ahly Plus”, has a duration of 3 years, at an annual return rate of 7%, and the return is spent in the same currency quarterly, and it is also permissible to borrow against its guarantee up to 50% of its value in Egyptian pounds for investment purposes, with a maximum of 10 million pounds at a price A return of 2.25% less than the central bank lending rate.
The duration of the second dollar certificate, “Al-Ahly Immediately”, is 3 years, at an annual return rate of 9%, which is disbursed in advance in the equivalent in Egyptian pounds for the entire period, at 27% of the value of the certificate for the total duration of the certificate.
The categories of certificates are $1,000 and its multiples, and the return is calculated as of the business day following the day of purchase. Certificates can be redeemed after 6 months have passed from the date of purchase in accordance with the applicable rules and the announced recovery schedule.
Banque Misr announced the launch of “Al-Qimma” and “Elite” savings certificates in US dollars for a period of 3 years, and they will be implemented in its branches as of Wednesday, July 26, 2023.
The “Al-Qimma” certificate, with a return of 9% annually, is a nominal certificate issued to Egyptians and foreigners. The return is paid in advance for three years, at a cumulative 27% in Egyptian pounds. The “Elite” certificate, with a return of 7% annually, is a nominal certificate issued to Egyptians and foreigners, and the quarterly return is paid in US dollars.
The date of issuance of the certificate starts from the working day following the deposit and is considered the basis for return and recovery, according to the terms and conditions governing that. Elite certificate holders can also borrow in Egyptian pounds and up to 50% of the certificate’s redemption value, with a maximum of 10 million pounds, and certificates are redeemed in US dollars according to the terms and conditions. organization for that.
net foreign assets
The deficit of Egyptian net foreign assets widened during last June by about $2.57 billion to reach EGP 837.3 billion, equivalent to $26.2 billion, compared to about EGP 755.1 billion, equivalent to $23.64 billion in May.
The deficit of commercial banks increased by about $2.55 billion, to record about $16.6 billion, according to Central Bank data.
The deficit of commercial banks increased, driven by an increase in liabilities by $0.9 billion, while assets decreased by about $1.6 billion.
Net foreign assets represent the assets of the banking system in hard currency minus liabilities, and it turns negative when liabilities exceed assets, which is what Egyptian banks have been suffering from since the beginning of the Russian-Ukrainian war.
While the central bank deficit decreased by about $0.02 million, bringing the deficit to $9.65 billion.
Read also
2023-08-03 03:50:00
#Banks #Egypt #largest #private #bank #Egypt #offers #savings #container #dollars. #details
