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Commercial International Bank (CIB), one of Egypt’s largest private banks, issued today a U.S. dollar-denominated certificate of deposit with the highest returns on medium-term depository products in the Egyptian banking system.
The bank is offering a one-year dollar-denominated deposit certificate with 6 % annual interest paid monthly in U.S. dollars.
The new certificate is offered to Egyptians and foreigners with a minimum deposit of $10,000, according to “Amwal Al Ghad.”
A week earlier, Egypt’s two biggest state banks, the National Bank of Egypt (NBE) and Banque Misr, issued two types of dollar-denominated three-year certificates of deposits at very high rates, between 7 – 9%.
