Egypt’s Industrial Bank submits new 3-year certificate at 12.75 pct

Egypt’s Industrial Development & Workers Bank (IDB) becomes the sixth public lender to offer new high-yield saving certificates in an attempt to increase the bank’s customers, the bank chairman said Sunday.

The 88 percent publicly owned bank started issuing a three-year investment certificate, generating quarterly yield to be sold at 12.75 percent interest rate, El-Sayed Mohamed told Ahram Online by phone.

Mohamed said the new financial tool will encourage customers to put their savings in the bank.

“The move will help lessening cash liquidity in the market and reduce inflation accordingly,” he added.

Last week, five big Egyptian banks — Banque Misr, the National Bank of Egypt (NBE), Societe Arab Internationale de Banque (SAIB), Banque Du Caire and National Investment Bank (NIB) — raised interest rates on their three and five year saving certificates to above 12 percent from the average 10 percent in Egyptian banks.

source: Ahram Online