More banks in Egypt issue high-yield CDs with various maturities, yields

Banque Du Caire issued CDs with an annual fixed yield of 19.25 percent, and a quarterly fixed yield of 19.1 percent, and a yield of 19 percent monthly, at a minimum value of EGP 10,000.

The Agricultural Bank of Egypt issued three-year CDs with fixed yields of 19.5 percent disbursed annually and 19 percent disbursed monthly, at a minimum value of EGP 1,000.

The Arab Investment Bank's new three-year CDs are issued with fixed yields of 19 percent annually, 18.5 percent quarterly, and 18 percent monthly, at a minimum value of EGP 10,000.

The Export Development Bank of Egypt issued three-year certificates with fixed yields of 19 percent annually, 18.75 percent biannually, 18.5 percent quarterly, and 18 percent monthly, at a minimum value of EGP 10,000.

On Monday, QNB and CIB announced the issuance of new CDs with annual yields of 19.25 percent and 22 percent, respectively.

The NBE and Banque Misr started the trend by issuing CDs with a fixed monthly yield of 19 percent and a declining annual yield of 22 percent, with a maturity of three years. The move is aimed to attract a share of the EGP 750 billion annual yield of the 18 percent interest-rate certificates issued last year.

The new CDs are meant to tackle soaring domestic inflation fuelled by commodity price hikes.