National Bank of Egypt offers two new USD certificates

CAIRO - 25 July 2023: The National Bank of Egypt issued two new three-year savings certificates in USD, in response to customers’ desires to direct their savings in foreign currencies to take advantage of investment opportunities in Egypt.

The first dollar certificate, Al-Ahli Plus, has an annual return rate of 7 percent spent in the same currency quarterly. The certificate will also be permissible to borrow against its guarantee for up to 50 percent  of its value in Egyptian pounds for investment purposes, with a maximum of LE 10 million, and a return rate that is 2.25 percent less than the Central Bank of Egypt's lending rate.

The second dollar certificate, Al-Ahli Immediately, has an annual return rate of 9 percent, which is disbursed in advance in its equivalent of Egyptian pounds for the entire period, at 27 percent of the value of the certificate, for the total period of the certificate.

The categories of the certificates are divided by $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.

The National Bank of Egypt is also granting personal loans up to LE 3 million to Egyptians working abroad with the guarantee of their salaries. The bank will start issuing the two certificates as well as the salary-guaranteed loan starting Wednesday, July 26, 2023.