Egyptian Dollar CDs Attract US$ 194 Mln In A Year
The Egyptian dollar-denominated certificate of deposit launched by the National Bank of Egypt (NBE) on behalf of the Ministry of Finance attracted US$ 194 million in a year since it was launched at the end of April 2012 in seven Arab countries for Egyptian expatriates.
Despite having a high return of 4%, the certificate does not witness a high demand in the last period because Egyptian expatriates are wary about the economic and political situations in Egypt as the certificates attracted US$ 3.5 million since last March.
The Finance Ministry and the Central Bank of Egypt (CBE) approved to extend the period of selling the CDs for six months starting from April 25th to September 25th.
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.
