On July 26, Banque Misr has issued two dollar-dominated three-year certificates of deposits, at very special rates between 7 – 9 percent. This is the highest interest rate on a foreign currency savings certificate to be offered by the Egyptian banking system since the early 1990s. Regionally and globally, other banks offer rates of around 5 percent on dollar savings certificates, e.g., Barclays and Marcus by Goldman Sach. Globally, the highest current CD rates as of July 31, 2023*: Bread Savings: 5.35% APY for 1-year CD (visit Bread Savings) Quontic Bank: 5.30% APY for 1-year CD (visit Quontic Bank) BMO Harris: 5.10% APY for 12 and 13-month CDs (visit BMO Harris) CFG Bank: 5.05% APY for 1-year CD Synchrony Bank: 5.05% APY for 9-month CD Ally Bank: 5.00% APY for 9 and 18-month CDs Barclays Online: 5.00% APY for 12-month CD Bethpage Federal Credit Union: 5.00% APY for 1-year CD Marcus by Goldman Sachs: 5.00% APY for 12-month CD PenFed Credit Union: 4.90% APY for 15-month CD * https://fortune.com Banque Misr's Elite certificate It is a dollar-dominated certificate at 7 percent rate annually. Egyptians and Foreigners can purchase the certificate through a minimum of $1,000 minimum deposit and its multiples. Elite certificate holders can also borrow in Egyptian pounds and up to 50 percent of the redemption value of the certificate, with a maximum of EGP 10 million. The certificates are redeemed in US dollars. Banque Misr's Al-Qimma Certificate It is a dollar-dominated certificate at 9 percent rate annually. Egyptians and Foreigners can purchase the certificate through a minimum of $1,000 minimum deposit and its multiples. The return is paid quarterly in dollars. Both Certificates can be purchased through BM's website, the Internet, mobile banking BM Online, the bank's branches inside and outside Egypt, and the ATM network. The duration of the certificate is three years. Certificates can also be retrieved after 6 months have passed. The Central Bank of Egypt (CBE) guarantees certificate holders the right to transfer refund amounts and returns according to the rules governing certificates to the customer's account outside Egypt if requested, and without a maximum transfer limit, with exemption from some account fees.
