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Banks provide attractive savings certificates for remittances
The article focused on the efforts of Egyptian banks to attract remittances from Egyptians abroad by offering savings certificates with competitive advantages, including increased returns and the launch of new products. HSBC Egypt raised the interest rate on its three-year savings certificates to 17.25% annually, while Commercial International Bank (CIB) and Visa Bank introduced the "Wafa Wasal" certificate denominated in Egyptian pounds for transfers in foreign currency, with the option to borrow and redeem after six months. These steps aim to increase local liquidity and strengthen their market share, while providing high returns to attract Egyptian clients overseas.
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