Six banks launched new high-yield 3-year savings certificates for the first time in three years, with the aim of controlling inflation, after the central bank decided to raise interest rates by 2% at its last meeting.
The Central Bank of Egypt raised interest rates by 2%, allowing banks to grant certificates to their clients up to 14%, as the second rate hike after March 21’s 1% increase.
The banks’ decision to compete for a certificate with a fixed return for a period of 3 years, with the aim of facing a certificate of 18% annually, from Al-Ahly Bank and Egypt.
Five banks decided to raise interest rates, and the rest of the banks are expected to announce an increase in interest rates to face competition.
Withdraw Al Ahly AndEgypt Bank from the Tri-Certificate competition for the first time without increasing the interest on the Tri-Certificate after announcing that they would continue to issue certificates with a return of 18 percent and they reportedly had no intention of issuing other, higher certificates.
On March 21, the National Bank and Egypt decided to introduce new high-interest savings certificates after the central bank announced that it would raise the main interest rate by 1% for the first time in five years and the pound had fallen against the dollar.
The highest benefits on certificates 2022
In the following lines it presents “Plus content“, details of the high-yield interest on the new triple certificate of 6 banks:
Commercial International Bank CIB: It offers a certificate with an annual interest rate of 13.5% for a period of 3 years, with monthly returns, and it also offers a certificate with an annual interest rate of 14% for a period of 4 years.
Al Baraka Bank: Offers a triple certificate at a rate of 14% and pays the returns monthly.
QNB Al Ahli Bank Egypt: offers a triple certificate with interest ranging between 13.5% monthly and 13.75% quarterly.
HSBC: Offer a certificate with an annual interest rate of 13.5% paid monthly for 3 years.
Al Ahli Bank of Kuwait: Selling 3-year certificates at an interest rate of 13.5% with the interest being paid monthly.