CIB offers a new savings certificate with a return of 22% for 3 years

The Commercial International Bank - Egypt (CIB) revealed the issuance of a new savings certificate for a Maturity of 3 years, with a fixed return of 22%, to be paid monthly, with a minimum purchase limit of EGP 3 mn

The first certificate was issued with a fixed interest rate for a Maturity of 3 years, with a return rate of 19% annually, paid monthly.

The second certificate is a 3 years diminishing certificate, at an annual rate of 22% for the first year, 18% for the second year, and 16% for the third year, paid monthly

This decision came after was the decision of CBE to raise interest rates by 200 bp, in order to face inflation.

As the Monetary Policy Committee of CBE issued its decision in its last meeting, March 30, 2023, to raise the rates of the overnight deposit and lending return, and the price of the main operation of CBE by 200 bp, to reach 18.25%, 19.25% and 18.75%. respectively.

The Monetary Policy Committee of CBE also raised the credit and discount rate by 200 bp, to reach 18.75%.