12:35
Friday 14 October 2022
I wrote – Manal Al-Masry:
4 banks have 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 interest on the 3 and 5 year certificates and kept the seven year certificate as is.
CIB outperformed in its monthly rate of return increase of 5.25%, while the banks Al-Ahly, Egypt and Cairo stood out for their annual yield frequency of up to 5.30%.
The interest rate offered on the certificates is higher than the US Federal Reserve’s currently set interest rate of 3.25% per annum, as well as US bonds, which register between 4% and 4.5%.
4 banks allow the purchase of dollar certificates through their branches or alternative channels, i.e. Internet banking or mobile banking, and to link the certificates to the US currency it is necessary to open a dollar bank account to regularly transfer the return with every right.
In the following lines, Masrawy presents the detail of the interest rates on dollar certificates in 4 banks after having increased them:
National Bank of Egypt:
The new gold certificate for 3 years: the interest rate fluctuates between 5.30% per annum, 5.25% semiannual, 5.20% quarterly and 5.15% monthly.
Minimum purchase: from the first $ 500 or multiples of them.
– Certificate in dollars of the Egyptian people with a duration of 5 years: the interest rate varies between 5.15% for the annual return, 5.10% per annum for the six-monthly return period, 5.05% per annum for the quarterly return period and 5% per annum for the monthly periodic payment of interest.
Minimum Purchase: Starting at $ 500 and multiples.
– Certificate in dollars of the People of Egypt for a period of 7 years: the interest rate reaches 5.05% with annual exchange rate, 5% annually with periodic exchange every six months, 4.95% annually with periodic exchange quarterly and 4.90% per annum with a monthly periodical.
Minimum Purchase: Starting at $ 1000.
CIB Bank
3-year certificate: annual interest rate up to 5.25%, paid monthly.
5 year certificate: the interest rate is up to 5% per annum for the monthly repayment period.
– Certificate with a term of 7 years: the annual interest rate is up to 4% and the yield is paid monthly.
The minimum purchase for any of these dollar certificates starts at a thousand dollars.
Bank of Egypt
– Three-year stability certificate: the annual interest rate varies between 5.15% per annum for the monthly interest payment frequency, 5.20% for the quarterly interest payment periodicity, 5.25% for the periodicity half-yearly payment of interest and 5.30% for the annual frequency of payment of interest.
The purchase of the certificate starts from the first $ 100, which is the minimum purchase amount for dollar certificates at the level of the major banks.
– Certificate of stability of the dollar for 5 years: the annual interest rate is between 5% for the periodicity of disbursement of monthly interest, 5.05% for the periodicity of disbursement of quarterly interest, 5.10% for the frequency of payment of interest every six months and 5.15% for the frequency of payment of interest the annual frequency of payment of interest.
The purchase of the certificate starts from the first $ 100.
Bank of Cairo
– First Certificate for 3 years: the rate of return is between 5.30% per annum, 5.25% per annum for the six-monthly repayment period, 5.20% for the quarterly payment of interest and 5 , 15% for the monthly payment of interest.
– First Certificate for 5 years: the interest rate varies between 5.15% for the annual yield, 5.15% per annum for the six-monthly return periodicity, 5.05% per annum for the quarterly payment frequency of interest and 5% per annum for the periodicity of the monthly interest – periodicity of disbursement.
– First Certificate, duration 7 years Interest rate: up to 5.05% with annual exchange rate, 5% annually with periodic six-monthly change, 4.95% annually with periodic quarterly exchange and 4.90% annually with periodic monthly payment . The purchase of the certificate starts from the first $ 100.
