The most famous and widespread banks of Egypt and Al-Ahly in Egypt have decided to raise the yield on new fixed yield dollar certificates for 3 years.
Researcher and economic analyst Dr. Ahmed Abu Ali said that the decision to raise the yield on dollar certificates "is a very important economic step, and may have been significantly delayed by Egyptian banks, as they aim to attract the money of Egyptians abroad, who number about 14 million Egyptians, according to data from the Ministry of Immigration. "
He continued: "The decision came after the meeting of the Union of Banks with the Central Bank of Egypt, and discussed the idea of attracting the money of Egyptians abroad, and attracting the dollar and foreign exchange by introducing new instruments or raising the yield, especially since the US central bank raised the interest rate several times until it reached between 3 and 3. 25 percent, while the returns on dollar certificates in Egypt were less than 2. 5 percent. "
• The return on new certificates reached 5. 30 percent per year, 5. 25 percent semi-annually, 5. 20 percent quarterly, 5. 15 percent per month, with a minimum of $100 and doubled at Banque Misr, and a minimum of $500 and doubled at the National Bank, which is for a period of 3 years.
• At the National Bank, there is also the 5-year Ahl Masr Dollar Certificate with an interest rate ranging from 5. 15 percent for the annual return, 5. 10 percent semi-annually, 5. 05 percent per annum for a quarterly interest period, 5 percent per annum for the monthly interest period, and a minimum purchase starting from 500 USD and its multiples.
The National Bank offers the 7-year dollar certificate of the people of Egypt at an interest rate of up to 5. 05 percent on an annual exchange period, 5 percent semi-annually, 4. 95 percent quarterly and 4. 90 percent monthly. • The return rates for dollar certificates will be effective from October 9.
