Egypt’s CIB bank offers 3-year certificates of deposit at 22%

Commercial International Bank (CIB), one of Egypt’s largest private banks, is offering three-year certificates of deposit at 22 percent, it said in a statement on Monday.

The move came few days after the central bank hiked rates by 200 basis points in an attempt to curb the soaring inflationary pressures.

According to CIB’s website, the certificates are with a minimum purchase of EGP 3 million and multiples of EGP 1,000.