On Thursday, Commercial International Bank (CIB), one of Egypt’s major private banks, launched a U.S. dollar-denominated certificate of deposit, presenting the highest returns on medium-term depository products within the Egyptian banking sector.
The new certificate offers a one-year tenure with a 6 percent annual interest rate, disbursed monthly in U.S. dollars. This lucrative opportunity is available to both Egyptian citizens and foreigners, requiring a minimum deposit of $10,000.
Notably, a week prior to CIB’s offering, Egypt’s two largest state banks, the National Bank of Egypt (NBE) and Banque Misr, issued their own dollar-denominated certificates of deposits with exceptionally high rates ranging from 7 to 9 percent for a three-year tenure.
