CIB first private bank to raise dollar-saving certificate rates following suit of state-run bank

Commercial International Bank will raise interest rates on its dollar-saving certificates, to be the first private bank operating in Egypt to take this step following suit of major state-run banks; the National Bank of Egypt (NBE), Banque Misr, and Banque du Caire

The bank raised interest on three-year USD certificates to 5.25% monthly, 5% on five-year certificates, and 4% on seven-year certificates.

The NBE surprised the Egyptian banking market a few days ago when it adjusted the interest rates on its three “golden” USD savings certificates, and the Ahl Misr USD certificates for five and seven years terms for new issues starting from 9 October.

The new gold certificate gives an interest of 5.30% annually, 5.25% biannually, 5.20% quarterly, and 5.15% monthly. The minimum purchase amount for the certificate is $500 and its multiples.

As for the Ahl Masr USD certificate — which has a term of five years — yields an interest of up to 5.15% annually, 5.10% biannually, 5.05% quarterly, and 5% monthly. The minimum purchase amount for this certificate is also $500 and its multiples.

As for the seven-year-term Ahl Masr USD certificate, it yields an interest of 5.05% annually, 5% biannually, 4.95% quarterly, and 4.90% monthly. The minimum purchase amount for this certificate is $1,000 and its multiples.