Egypt says to offer citizens abroad $2 bn in 'deposit certificates'

Reuters and Ahram Online, Wednesday 22 Feb 2012

Certificates will have interest rates of up to 4 per cent and mature within 5 years, says finance minister

Egypt will offer its citizens living outside the country $2 billion in three- and five-year certificates of deposit (CDs) within one or two weeks, the finance minister said on Wednesday.

The CDs will carry an interest rate of "no more than 4 per cent" and have maturities of three to five years, Finance Minister Mumtaz Al-Saeed told Reuters.
CDs are saving certificates that entitle bearers to receive interest. They generally bear a maturity date and a fixed interest rate.
The Egyptian government has been looking for ways to finance budget and balance of payments deficits that have widened dramatically during the economic and political turmoil of the last year.
The country has said it is also looking to sell land to Egyptians living abroad and Islamic sukuk instruments to help plug an external financing shortage estimated at $11 billion over the next 18 months.
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