Explainer: What you need to know about the new NBE & Banque Misr US dollar CDs in Egypt

Muhammed Khalid , Thursday 27 Jul 2023

The state-owned National Bank of Egypt (NBE) and Banque Misr announced issuing new three-year US-dollar certificates of deposits (CDs) with seven percent and nine percent yields to be paid quarterly or annually in US dollars or Egyptian pounds.

Certificate of Deposits (CDs). iStock image.
Certificate of Deposits (CDs). iStock image.


The banks also offered a special package of loans and pensions to Egyptians working abroad.

Here is all that you need to know about the new certificates:

What are the new USD-denominated CDs?

The new CDs are Al Ahly Plus and Al Ahly Fawran from the National Bank of Egypt (NBE), and Al Qimma and Elite from Banque Misr.

What are the minimum purchase amounts for the new certificates?

$1,000 and its increments.

What are the yields of the new CDs and how they will be disbursed?

Al-Ahly Plus (NBE) and Elite (Banque Misr): Seven percent yield to be disbursed every three months in USD.

Al-Ahly Fawran (NBE) and Al Qimma (Banque Misr): Nine percent annual yield to be disbursed in advance in EGP (equal to 27 percent of each certificate's total value).

What do the new CDs provide for Egyptian expats?

NBE's new certificates offer multiple facilities for Egyptians working abroad, including loans, CD purchasing facilities, and pensions.

Egyptians abroad who do not have a foreign currency bank account can buy Al Ahly Plus and Al Ahly Fawran CDs through bank transfers. NBE will then open foreign currency subaccounts for them.

When will the new certificates be available?

As of Wednesday, 26 July 2023.

How can Egyptians buy the new certificates in Egypt?

Clients in Egypt can buy the certificates through the websites of NBE and Banque Misr, mobile applications, online branches in and outside Egypt, and ATMs. CDs will be available on online banking services including BM Online, Al Ahly Net, and Al Ahly Mobile.

NBE specified that clients in Egypt can only buy the new CDs online if they have bank cards issued from abroad.

What do I do if I want to buy a certificate but I am not a client of either bank?

Non-clients can buy the NBE's CDs through transfers to bank accounts that will be announced on the bank's website.

Banque Misr has not announced procedures for non-clients.

Will I redeem the certificates at the time of their maturity in USD or EGP?

All the certificates will be paid in USD at the date of their maturity.

Can I apply for loans against the certificates?

Only holders of Al Ahly Plus and Elite certificates can apply for loans. They can apply for loans up to 50 percent of the value of their certificates for investment purposes at a maximum value of EGP 10 million ($323,124) and at an interest rate of 2.25 below the main interest rate of the Central Bank of Egypt.

Short link: