AUB Reduces Returns on 3, 5-Yr Certificates Of Deposit To 11.5%, 11.25%
Ahli United Bank (AUB) decided to reduce the quarterly return and half-annual return on its 3-year certificates of deposit to 11.25%, instead of 11.75% and 11.875% and annual return to 11.5% instead of 12%.
AUB also decided to reduce the monthly return on the 5-year certificates of deposit to 10.75% instead of 11.5%, quarterly return and half-yearly return to 11% instead of 12% and annual return to 11.25% instead of 12.25%.
Sources said the Bank decided to reduce returns on its savings instruments because of the decline in the volume of lending. In addition, the government will not rely on government debt instruments (treasury bills and bonds) in the upcoming period as the local debt exceeded one trillion Egyptian pounds and expand in external borrowing.
Sources said the Bank decided to leave deposit rate unchanged.
Returns on local currency deposits reach:
|
One Week-Two Weeks |
2.5% |
|
One Month-Two Months |
5.5% |
|
3 Months |
6% |
|
6 Months |
7.25% |
|
One Year |
7.5% |
Returns on foreign currency deposits reach:
|
One Week-One Month |
0.1250% |
|
Two Months |
0.1875% |
|
3 Months |
0.3125% |
|
6 Months |
0.5625% |
|
One Year |
0.9375% |
