15 Hrs
Source:
المصري اليوم
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Banks compete for savings post rate hikes
Following the decision to set the interest rate at 19% for deposits and 20% for loans by the Central Bank of Egypt, fifteen banks are competing to attract customers' savings through variable-rate savings certificates, which are linked to the deposit rate "CIBOR." These certificates offer various options for purchase limits, different payout frequencies including daily, monthly, and yearly, providing customers with flexibility in choosing their returns and financial planning. For example, a certificate valued at 100,000 Egyptian pounds with an interest rate of 19.50% yields an annual return of approximately 19,500 pounds, resulting in about 58,500 pounds over three years. To benefit from these certificates, customers need to open a current or savings account and transfer the returns to it, along with providing essential documents such as a national ID card and proof of residence.
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