Dollar certificates from Banque Misr:
Banque Misr provided savings certificates, including “al-Qema” and “Elite”, in US dollars for a period of three years since July 26.
The al-Qema certificate has a return of nine percent annually. It is a nominal certificate issued to Egyptians and foreigners.
The return is paid in advance for three years (27 percent) cumulatively in Egyptian pounds.
The Elite certificate has a return of seven percent annually. It is also a nominal certificate issued to Egyptians and foreigners, and the return is paid quarterly in US dollars.
The minimum purchase rate for the certificates is US$1000.
The return is calculated as of the business day following the day of purchase.
Dollar certificates can be redeemed after six months from the date of purchase in accordance with the applicable rules and the announced redemption schedule.
Dollar certificates from the National Bank of Egypt 2023:
The National Bank of Egypt now offers new dollar certificates for a period of three years.
The first is the “Al-Ahly Plus” certificate, with an annual return rate of seven percent paid in the same currency quarterly.
It allows to borrow up to 50 percent of its value in Egyptian pounds for investment purposes.
The second dollar certificate is “Al-Ahly Fawran”, with an annual return rate of nine percent. The return is paid in advance in the equivalent in Egyptian pounds for the entire period, at 27 percent of the value of the certificate for the total period of the certificate.
It is not permissible to borrow through this certificate and the certificate shall be returned on the maturity date in the same US dollar currency.
The minimum purchase rate for the certificates is $1000.
Why were the 2023 dollar certificates introduced?
Banks are offering dollar certificates based on studies on customer needs for dollars and market inputs, and the extent to which institutions need money.
It also provides new investment opportunities, and helps banks to attract the savings of Egyptian expatriates, explained banking expert Tarek Metwally.
He noted that these are means that all banks follow to attract new customers and cover the needs of the market – especially since many individuals currently keep US dollars, without investing it in banks.
Therefore offering new dollar certificates is an opportunity for them to invest their money, he added.
In exclusive statements to Al-Masry Al-Youm he said that dollar certificates have special clients, explaining that any decision related to issuing new savings certificates comes after a survey conducted by banks to study the market and customer behavior.
Edited translation from Al-Masry Al-Youm