Egyptians in Saudi Arabia celebrate “dollar certificates”

Egyptians living in Saudi Arabia celebrate the new dollar certificates of deposit for Egyptians living abroad, offered to help boosting Egypt’s economy.

Media consultant at Egyptian embassy in Riyadh, Nabil Bakr, said that they are receiving on daily basis hundreds of communications from Egyptians living in Saudi Arabia who asked about these deposits.

Bakr added that these deposits are only for Egyptians abroad and that the deposits will be available for purchasing in next August 31st, with value of USD 1000 and its multiples without a maximum limit. The certificate of deposit, which gives a 4% fixed return every 6 months for 3 years, could be restored 6 months after the issuance date.

Bakr added that the dollar certificate of deposit is renewed automatically with the same return, as long as the issuer Bank (National Bank of Egypt) is not informed otherwise. The certificate will be in effect from the first day of the following month of purchasing as long as the purchasing date precedes the next month with not less than 5 days, MENA reported.

Noteworthy that the Egyptian-government -guaranteed certificates are available at Arab National Bank’s branches in Saudi Arabia in coordination with National Bank of Egypt.