NBE Offers 3 Year US Dollar Certificate With Return Rate in Dollars
The National Bank of Egypt announced the issuance of two new savings certificates in US dollars for a period of three years.
The National Bank of Egypt announced the issuance of two new savings certificates in US dollars for a period of three years, in response to customers’ desires to direct their savings in foreign currencies and to take advantage of investment opportunities in Egypt. Additionally, the bank will be granting personal loans in Egyptian pounds to Egyptians working abroad with the guarantee of their salaries.
The first dollar certificate, 'Al-Ahli Plus,' is a three-year certificate, with an annual return rate of 7% spent in the same currency quarterly. The certificate will also be permissible to borrow against its guarantee for up to 50% of its value in Egyptian pounds for investment purposes, with a maximum of EGP 10 million, and a return rate of 2.25% less than the Central Bank’s lending rate.
The second dollar certificate, 'Al-Ahli Immediately,' is also a three-year certificate, but with an annual return rate of 9%, which is disbursed in advance in the equivalent in Egyptian pounds for the entire period, at 27% of the value of the certificate for the total period of the certificate.
The categories of the certificates are divided by USD 1,000 and its multiples, and the return is calculated as of the working day following the day of purchase. The certificates can be redeemed after six months have passed from the date of purchase in accordance with the applicable rules and the announced recovery schedule.
These certificates will be available for purchase as of Wednesday, July 26th, 2023 through all bank branches or via Al-Ahli Net and Al-Ahli Mobile, as well as through the official website using credit cards issued outside of Egypt. The bank’s customers residing abroad who do not have accounts in foreign currency can transfer the amounts required to purchase the certificates, and the bank will open sub-accounts for them in foreign currency.
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