AAIB issues its own 22.5%-yield savings certificate

Arab African International Bank-AAIBannounced, on its official Facebook page, that it is launching a new savings certificate with a fixed yield of up to 22.5%.

The bank revealed that new cerficate  will be available starting  January 30, 2023, and the minimum amount for its issuance is 5,000 pounds, and its multiplies without a maximum limit.

As for its duration or (maturity), the bank revealed that it is 18 months, exchanged monthly with 20% yield, or at the end of the period with a 22.5% yield .

The Bank also revealed that it will be issued only for natural individuals in Egyptian pounds.

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