QNB Al Ahli is latest to follow major banks in Egypt suit in offering high-yield CDs
QNB Al Ahli followed in the footsteps of Commercial International bank, National Bank of Egypt and Banque Misr and launched 18-month, 22.5%-yield certificates of deposit (CDs) yesterday, according to a statement on the bank’s official website page.
As at CIB, buyers can opt for a one-time payment of 22.5% when their CDs mature, or can go for monthly interest payouts at a reduced annualized rate of 20%. The minimum buy-in is EGP 1k, in contrast to the EGP 100k minimum at the CIB.
The private banks’ CDs come on the heels of the one-year, 25% CDs released last week by state-owned Banque Misr and National Bank of Egypt to combat dollarization and inflation, which as of Monday had attracted at least EGP 155 bn.
