11:23 ص
Tuesday 24 May 2022
I wrote – Manal Al-Masry:
The Commercial International Bank (CIB) announced on its website today, Tuesday, the launch of two new certificates under the name (Premium) at a high interest rate for periods of 3 years and 4 years, with a monthly return, provided that the minimum purchase amount is not less than 100,000 pounds, in the first reaction to the recent central decision .
The bank clarified that the interest rate on a 3-year premium certificate is 13.5% annually, and the return is paid monthly, provided that the minimum purchase amount is not less than 100,000 pounds, then multiples of a thousand.
The interest rate on the 4-year premium certificate that the bank offers for the first time in years with this term is 14% annually, and the return is paid monthly, provided that the minimum purchase amount is not less than 100,000 pounds, then multiples of a thousand.
With the introduction of the new “premium” certificate for a period of 3 years, the bank kept the same term for the old certificate in the bank, whose minimum purchase starts from one thousand pounds and not 100,000 pounds, but with a low return, as the old triple certificate ranges between 9.5% annually for the monthly return and 10% annually For a semi-annual return.
The bank moved to offer two new certificates at a high interest rate after the Central Bank’s decision at the last Monetary Policy Committee meeting last Thursday to raise interest by 2% at once on deposit and lending in an attempt to absorb inflationary pressures imported from abroad due to high prices globally.
The Commercial International Bank also moved to offer two high-interest certificates, which also came after Al-Ahly and Egypt banks announced that they would maintain an 18% annual certificate for one year without raising the interest rate on the triple certificates for a fixed return.