Several Egyptian banks declared today, on Saturday, that they will raise the return on the US dollar by upping the interest on the foreign currency savings certificates they issue.
In addition, the National Bank of Egypt decided that the interest rate on savings certificates denominated in US dollars would increase from 2. 25% to 5. 30% as of tomorrow. This decision was made in conjunction with an increase in interest rates by the Federal Reserve, which raised the yield on US dollars to 3. 25%.
The list of foreign currency savings certificates included the dollar, which increases the return on each of the new three-year golden certificates, which must be purchased with at least 500 US dollars or its multiples. The return on it increased from 2.25 to 5.30 annually, 5.25 to 5.25 semi-annually, 5.20 to 5.15 quarterly, and 5.15 monthly.
The return on the dollar savings certificate for Egyptians increased from 2. 25% to 5.0% over a five-year period with a minimum investment of $500 and its multiples.
15% annually, 5% monthly, 5. 10% semi-annually, and 5. 05% quarterly.
For a period of 7 years, the return on the Egyptian dollar certificate climbed from 2.25 percent to 5.0 percent yearly, 5% semi-annually, 4.95 percent quarterly, and 4.90 percent monthly, starting from the value of 1000 pounds and its multiples.
Increasing the return on US dollars in Egyptian banks is vital.
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