Yield On Egyptian Dollar CDs Hit EGP 193 Mln In FY 2011/12

The yield on the Egyptian dollar certificates of deposit registered EGP 193 million at the end of last June, according to the Central Bank of Egypt’s (CBE) latest report.

The new dollar certificates of deposit were launched by the National Bank of Egypt (NBE) in May 2011 with term of three years and annual return of 4% that is refundable after six months with a minimum limit of US$ 1000 and no maximum limit.

The certificates target to invest the savings of Egyptians living abroad in order to boost the Egyptian economy and finance the development plan. 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.