Banque Du Caire, third largest state-owned bank, followed National Bank of Egypt NBE and Banque Misr suit and

Banque du Caire issues its own high yield 25% certificate of Deposits

1/17/2023 9:15:00 AM

Banque Du Caire, third largest state-owned bank, followed National Bank of Egypt (NBE) and Banque Misr suit and issued a new one-year maturity saving certificates with a 25 percent yield after one year.

The new certificates are also available at a 22.5 percent yield for monthly disbursement.

Furthermore, the certificate categories start with EGP 1,000 and its multiples for natural persons or minors, whether Egyptians or foreigners. The period is calculated from the day following the purchase.

Earlier this month, Egypt’s biggest state-owned banks, NBE and BM, issued new one-year maturity saving certificates with a 25 percent yield after one year, the highest yield on record, in an aim to contain rising inflation by encouraging savings.

The move has come as the local market has been anticipating a devaluation of the Egyptian pound for the third time in recent months, following the approval of a new $3 billion loan programme from the International Monetary Fund (IM