The National Bank of Egypt (NBE) and Banque Misr, the two largest state banks in Egypt, issued two certificates of deposits denominated in US dollars with exceptional interest rates between 7-9%.
These certificates are valid for three years and are available to both Egyptian nationals and foreigners with a minimum deposit of $1000. This is the highest interest rate offered by the Egyptian banking system on foreign currency savings certificates since the early 1990s. In comparison, other banks regionally and globally are offering rates around 5% on dollar savings certificates, such as Barclays and Marcus by Goldman Sachs.
The ‘Al Ahly Plus in Dollars’ and ‘Elite’ certificates offer an annual 7% return paid out quarterly in US dollars, with the possibility of receiving a loan of up to 50% of the investment’s value. The loan’s interest rate is 2.25%, less than the Central Bank of Egypt (CBE) lending rate. The duration of these certificates is three years.
On the other hand, the ‘Al Ahly Fawran in Dollars’ and ‘Al Qimma’ certificates offer a 9% interest rate, with interest payments made in Egyptian pounds while repaying the original investment in US dollars. The full interest payment in Egyptian pounds is made in advance and includes all three years’ interest at 27%. For example, if someone invests $1000 (EGP 30,900) in the Al Ahly Instant Certificate, they would receive the Egyptian pound equivalent of $270 (EGP 8,341) upfront, and the $1000 would be repaid at maturity, three years later.
The Al Ahly Plus and Al Ahly Fawran certificates can be purchased through NBE’s branches, Al-Ahly Net, Al-Ahly Mobile, or the official website using credit cards not issued in Egypt. For NBE customers residing abroad without foreign currency accounts, they can transfer the required amounts to purchase the certificates, and the bank will open sub-accounts for them in foreign currency. The Elite and Al Qimma certificates can be purchased through Banque Misr’s website, internet banking, mobile banking, branches inside and outside Egypt, and the ATM network. Egypt’s two biggest state banks, the National Bank of Egypt (NBE) and Banque Misr have on July 26 issued two dollar-dominated three-year certificates of deposits at exceptional rates between 7 – 9 percent.
These certificates are valid for three years and available to Egyptian nationals and foreigners with a minimum deposit of $1000. This is the highest interest rate on a foreign currency savings certificate ever offered by the Egyptian banking system since the early 1990s. Regionally and globally, other banks are currently offering rates of around 5 percent on dollar savings certificates, e.g., Barclays and Marcus by Goldman Sach.
The 7-Percent Certificates
The annual 7 percent return on the ‘Al Ahly Plus in Dollars’ and ‘Elite’ Certificates are paid out quarterly in U.S. dollars, with the possibility of getting a loan of up to 50 percent of the value of the investment. According to NBE, the loan would be at an interest rate of 2.25 percent, less than the Central Bank of Egypt (CBE) lending rate. The duration of this certificate is three years.
The 9-Percent Certificates
As for the 9 percent ‘Al Ahly Instant in Dollars’ and ‘Al Qimma’ Certificates, they pay their interest back in Egyptian pounds while repaying the original investment in U.S. dollars. The interest payment in Egyptian pounds is upfront and involves all three years’ interest at 27 percent.
For instance, if US$1000 (EGP 30,900) is invested in the Al Ahly Instant Certificate, the Egyptian pound equivalent of US$270 (EGP 8,341) would be paid out at once, and the US$1000 would be repaid at maturity, three years on.
Ways to Purchase Certificates
Al Ahly Plus and Al Ahly Instant Certificates can be purchased through NBE’s branches or Al-Ahly Net and Al-Ahly Mobile, as well as through the official website using credit cards not issued in Egypt. For NBE customers residing abroad who do not have foreign currency accounts, they can transfer the amounts required to purchase the certificates, and the bank will open sub-accounts for them in foreign currency. The Elite and Al Qimma Certificates can be purchased through B.M.’s website, the Internet, mobile banking B.M. Online, the bank’s branches inside and outside Egypt, and the ATM network.
