Banque du Caire to launch new 22.5%, 25% yield CDs
Egypt’s third largest public state-lender, Banque du Caire (BdC) is launching new one-year certificates of deposits (CDs), carrying a 22.5 percent and a 25 percent yield, an official source with knowledge told Amwal Al Ghad on Monday.
The new certificates will be launched in EGP 1,000 and its multiples, targeting individuals, whether they are minors or adults, Egyptians or foreigners, the source added.
The 22.5 percent yield CDs are for monthly disbursement.
Banks worldwide offer CDs as a type of investment where both clients and the lender benefit. Since March 2021, banks in Egypt have been releasing CDs with all-time high interest rates that were never introduced before, between 18 percent in March 2022 and 25 percent in January 2023.
The banks are releasing CDs with high-interest rates to curb inflation and solve the shortage in foreign currency.