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Arab Finance: Commercial International Bank Egypt (CIB) has raised the rate on its three-year premium certificates of deposit (CDs) by 50 basis points to an 18% annual return, according to a statement.
This hike aims to enhance the competitiveness of the bank’s products and attract more savings.
The minimum purchase amount for the certificate is EGP 50,000, with the option to increase it in increments of EGP 1,000.
This decision comes weeks after the National Bank of Egypt (NBE) and Banque Misr raised the interest rate on their three-year fixed-rate certificates to 17.75% annually, in addition to introducing a quarterly payout option with a 17.85% return.
The two state-owned banks also expanded their savings product offerings by introducing a certificate with a variable interest rate of up to 19.25% annually, calculated based on the Central Bank of Egypt's (CBE) deposit rate plus 0.25%.
