Egyptians in Saudi Arabia begin buying dollar bonds
By By Maher Abbas
RIYADH -- About a million Egyptian expatriates in Saudi Arabia Monday started obtaining applications to purchase US dollar bonds for Egyptians abroad. The purchase of bonds is aimed at supporting the Egyptian national economy. The "Egyptian US dollar bond" is guaranteed by the Egyptian government in coordination with the Egyptian Central Bank and the Egyptian National Bank through
Arab National Bank
branches in the Kingdom.
The bonds, announced by Egypt in March, were greatly welcomed by the Egyptian community in the Kingdom.
This bond is issued in $1000 denomination and its multiples without any ceiling. The bond provides a constant four percent annual return for a period of three years. It can be retrieved six months from the issuance date. Also, it is renewed automatically and with the same return, unless the Egyptian National Bank, the issuer, decides otherwise.
The bonds are effective and the returns are calculated from the first day of the next month provided the date of purchase of the bond is at least five days prior to the beginning of the month. The bond allows the purchaser to get returns every six months.
© The Saudi Gazette 2012
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