Egyptian Dollar CDs Selling Period Extended For Six More Months

The Egyptian Ministry of Finance has extended the period of selling Egyptian dollar-denominated certificate of deposit for six months starting from April 25^th to September 25^th, sources said.

The period had been earlier extended for six months in September 2012 and ended last March.

The dollar CDs were launched by the National Bank of Egypt (NBE), Banque Misr, National Bank of Abu Dhabi, National Bank of Kuwait, Ahli United Bank, Arab Bank and Arab Banking Corporation in May 2012 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 shore up the country’s foreign reserves which fell to US$ 13.4 billion as of the end of last March as a result of the drop in tourism income and investment inflows the country.

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