CIB raises yields on CDs by 2% for 2nd time in two months

Customers who hold the newly issued CDs or have certificates that have reached maturity date and wish to reinvest their proceeds can benefit from the new yields.

This decision came after the Central Bank of Egypt (CBE) raised the key interest rates by six percent (600 bps) in an unscheduled meeting held three weeks ago, resulting in a yield of 27.25 percent, 28.25 percent, and 27.75 percent for the overnight deposit rate, the overnight lending rate, and the rate of the main operation, respectively.

The discount rate also was raised by 600 bps to 27.75 percent.

CIB's interest yield increase marks the second time within two months, following a percentage hike in January, in line with the 27 percent yield, one-year CDs offered by the National Bank of Egypt and Banque Misr.

The new rise applies to the CIB's fixed-rate, three-month CDs as follows.

Premium CDs: The yield has been increased to 24 percent annually, with monthly returns. It can be purchased starting from a minimum of EGP 5 million and multiples of EGP 1,000.

Plus CDs: The yield has been increased to 23 percent annually, with monthly returns. It can be purchased starting from a minimum of EGP 1 million and multiples of EGP 1,000.