Al Ahli Bank and Bank of Egypt announced on Tuesday the launch of 3-year dollar-denominated savings certificates for all customers, aiming to attract foreign deposits and provide safe and profitable investment options for citizens.
The banks explained that the first certificate allows customers to receive a 9% interest rate annually in advance, equivalent to a total of 27%. However, the returns will be in Egyptian pounds, while the certificate will be redeemed in dollars. Customers can also borrow up to 50% of the certificate's value, with a maximum of 10 million Egyptian pounds.
The banks added that the second certificate enables customers to earn a 7% interest rate in dollars, with the interest being disbursed every 3 months.
Additionally, the banks introduced a product for borrowing at an interest rate lower than the central bank's rate by 2.25% for expatriates abroad, with the loan repayment in dollars.
In a related context, Bank of Egypt announced the launch of a real estate financing product for expatriates abroad, aiming to provide easy and accessible financing for citizens to purchase residential units in Egypt, with an interest rate starting from 8.5% and a repayment period of up to 20 years.
This comes as part of the Egyptian banks' efforts to boost foreign deposits, provide safe and profitable investment options for their clients, support investments in Egypt, and strengthen the national economy.
