Egyptian Dollar CDs Attract US$ 190.5 Mln In 10 Months

The Egyptian dollar-denominated certificate of deposit attracted US$ 190.5 million as of the end of last week since it was launched in May 2012 in seven countries, sources told Amwal Al Ghad.

Despite having a high return of 4%, the certificate does not witness a high demand because Egyptian expatriates are wary about the economic and political situations in Egypt.

The new dollar certificate of deposit was launched by the National Bank of Egypt (NBE) last May with term of three years and annual return of 4% that is refundable after six months with a minimum purchasing limit of US$ 1000 and no maximum limit. The return is calculated from the beginning of the first day of the following month of the purchasing date as long as it precedes the following new month with at least five days.

Egypt has launched dollar certificates of deposit for Egyptians living abroad to support the country’s economy through offsetting the lack of dollar liquidity.

The banks offering the certificates in Arab Countries are as follows: