CIB headquarters – REUTERS/ Amr Abdallah Dalsh
CAIRO – 25 February 2018: Commercial International Bank (CIB) announced issuing three-month certificates with a variable return of 16 percent.
The bank clarified that the minimum price of a certificate’s purchase is LE 5,000 and it can be multiplied by LE 1,000.
The certificate offers advantages including guaranteeing personal finance without administrative fees and at a premium rate of return.
The bank also provides a free credit card during the first year to non-cardholders, which is valid on Platinum, Titanium or She cards provided that the card is used in a cash purchase or withdrawal within two months from the date of issue.
On February 18, The National Bank of Egypt (NBE) and Banque Misr issued new savings certificates with an annual return of 17 percent and 15 percent.
The Central Bank of Egypt lowered the interest rate by 1 percent on February 15, as the inflation rates keep going downhill for the first time since November's flotation.
The bank cut its overnight deposit rate to 17.75 percent from 18.75 percent and its overnight lending rate to 18.75 percent from 19.75 percent.