Cairo – The Commercial International Bank-Egypt (CIB) launched a new savings certificate for a period of one and a half years with a fixed return in EGP, at a return rate of 20%, disbursed monthly, and 22.50% disbursed upon maturity, with a minimum purchase of EGP 100,000 and multiples of EGP 1,000.

The certificate is available starting from 11 January 2023, in all branches and online, the Middle East News Agency reported.

Last week, the National Bank of Egypt (NBE) and Banque Misr issued one-year certificates of deposit at an interest rate of 25%, disbursed annually, and 22.50% disbursed monthly.

In December 2022, the Monetary Policy Committee (MPC) raised the Central Bank of Egypt’s (CBE) deposit rate, overnight lending rate, and the rate of the main operation by 300 basis points (bps) to 16.25%, 17.25%, and 16.75%, respectively. The discount rate was also raised by 300 bps to 16.75%.

During the first nine months (9M) of 2022, the consolidated net profits of CIB registered EGP 12.19 billion, a jump from EGP 9.87 billion in the corresponding period in 2021.

As for the separate financials, the bank achieved EGP 12.20 billion in net profits during 9M-22, compared with EGP 9.89 billion in 9M-21.

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