The Commercial International Bank-Egypt (CIB) launched a new savings certificate for a period of one and a half years with a fixed return in EGP, at a return rate of 20%, issued monthly, and 22.50% issued upon maturity, with a minimum purchase of EGP 100,000 and multiples of EGP 1,000.
Last week, the National Bank of Egypt (NBE) and Banque Misr issued one-year certificates of deposit at an interest rate of 25%, issued annually, and 22.50% issued monthly.
The Egyptian pound surpasses the EGP 30 mark against the US Dollar this morning in Egyptian banks. The current rate to date is 30.4 for the first time in the history of Egypt.
B.TECH, Egypt’s omnichannel consumer electronics, home appliances retailer & consumer finance powerhouse, and The Commercial International Bank (CIB) announced today the completion of securitization bonds worth EGP 1.038 billion issued on three tranches with tenors with different payment priorities, credit ratings, and interest rates.
This issuance comes as part of a short-term EGP 5 billion securitization issuance program over two years after receiving the approval of the Financial Regulatory Authority (FRA).
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