Yield On Egypt’s Dollar CDs Rose To US$ 45 Mln:Tarek Amer

The yield on the Egyptian dollar certificates of deposit, in which the National Bank of Egypt (NBE) among seven banks participated in launching for Egyptians working in Arab countries, reached US$ 45 million at the end of last week, said Tarek Amer, chairman of NBE.

Amer told Amwal Al Ghad that the banks participating in offering these certificates target selling 62,420 certificates with a yield of US$ 2 billion. The low demand on these certificates reflects that Egyptians abroad are wary on Egypt’s economic situation.

National Bank of Egypt (NBE), Banque Misr, Arab Banking Corporation (ABC), National Bank of Abu Dhabi (NBAD), Arab Bank, United Bank and National Bank of Kuwait (NBK) are selling these certificates on behalf of the Ministry of Finance and the Central Bank of Egypt.

Egypt has launched dollar certificates of deposit so as to offset the lack of dollar liquidity especially after the International Monetary Fund, Arab countries and other international financial institutions refused to grant Egypt any loans due to the current instability and the absence of a clear economic reform plan.