Egyptian Banks Offer High-Interest Dollar-Dominated Certificates

Egypt’s two largest state banks, the National Bank of Egypt (NBE) and Banque Misr, have recently introduced dollar-dominated three-year certificates of deposits with highly attractive interest rates ranging from 7% to 9%.

Quick facts:

  • These certificates are valid for three years and are available to both Egyptian nationals and foreigners, with a minimum deposit of $1000.
  • The interest rates offered on these certificates are the highest in the Egyptian banking system since the early 1990s.
  • Compared to other banks regionally and globally, which are offering rates around 5% on dollar savings certificates, NBE and Banque Misr are providing significantly more competitive returns.

The 7% Certificates:

  • The ‘Al Ahly Plus in Dollars’ and ‘Elite’ Certificates offer an annual 7% return on a quarterly basis in US dollars.
  • Certificate holders have the option to avail themselves of a loan up to 50% of the investment value at a favorable interest rate of 2.25%, lower than the Central Bank of Egypt’s lending rate.
  • The duration of these certificates is three years.

The 9% Certificates:

  • The ‘Al Ahly Instant in Dollars’ and ‘Al Qimma’ Certificates provide a 9% annual return, with interest paid in Egyptian pounds and the original investment repaid in U.S. dollars.
  • The interest payment in Egyptian pounds is made upfront, encompassing all three years’ interest at 27%.
  • For instance, if $1000 (equivalent to EGP 30,900) is invested in the Al Ahly Instant Certificate, the Egyptian pound equivalent of $270 (EGP 8,341) would be paid out immediately, while the $1000 would be repaid at maturity, after three years.

Purchase Options:

  • Al Ahly Plus and Al Ahly Instant Certificates can be purchased through NBE’s branches, Al-Ahly Net, Al-Ahly Mobile, or the official website using credit cards issued outside Egypt.
  • NBE customers residing abroad without foreign currency accounts can transfer the required amount to purchase the certificates, and the bank will open sub-accounts for them in foreign currency.
  • The Elite and Al Qimma Certificates can be acquired through Banque Misr’s website, internet banking (BM Online), the bank’s branches inside and outside Egypt, and the ATM network.


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