Egypt’s CIB introduces new 3-year certificates with up to 22% yield

To acquire these new premium CDs, individuals can invest a minimum value of EGP 5 million, with increments of EGP 1,000.

Additionally, CIB also released three-year plus certificates, which provide a fixed monthly interest rate of 21 percent and require a minimum purchase value of EGP one million.

Furthermore, the bank introduced triple prime certificates that offer a fixed monthly interest rate of up to 20 percent, with a minimum subscription value of EGP 100,000.

This move by CIB follows the recent issuance of high-yield CDs by the National Bank of Egypt (NBE) and Banque Misr earlier this month with annual yields of 23.5 percent and 27 percent respectively, and a minimum purchase value of EGP 1,000, along with incremental options for each CD.

Subsequently, several government and private banks have also issued a variety of daily and annual high-yield certificates to maintain competitiveness and prevent the outflow of customer savings.