Egypt’s CIB bank offers high-yielding dollar-deposit certificate

Commercial International Bank (CIB), one of Egypt’s largest private banks, issued on Thursday U.S. dollar-denominated certificate of deposit, with the highest returns on medium-term depository products in the Egyptian banking system.

The bank is offering a one-year dollar-denominated deposit certificate with 6 percent annual interest to be paid per month in U.S. dollars.

The new certificate is offered to Egyptians and foreigners alike with a minimum deposit of $10,000.

A week earlier, Egypt’s two biggest state banks, the National Bank of Egypt (NBE) and Banque Misr issued two types of dollar- denominated three-year certificates of deposits, at very high rates between 7 – 9 percent.