Emirates NBD has launched three-year Certificates of Deposits (CDs), with annual rates of 18.5% (with annual interest payments), 18.25% (quarterly interest payment), or 18.00% (monthly interest payment). The minimum amount to issue the CDs is EGP 100,000.

United Bank Egypt also launched new CDs offering three-year sharia-compliant certificates at a variable rate of at least 19% with monthly interest payments. The minimum amount to issue the CD is EGP 1000.

The Commercial International Bank (CIB) also replaced its 22% CD with new three-year, 18-20% annual-rate certificates. Users need to commit at least EGP 1 million to lock in 20%, EGP 200,000 to access the 19% rate, and 10,000 for 18% all with monthly interest payments.

Last week, Banque du Caire, NBE, Banque Misr, Al Baraka Bank, and Nasser Social Bank also launched new certificates of deposits following Egypt’s Central Bank of Egypt (CBE) recent hike of key interest rates by 2%. The CBE’s Monetary Policy Committee raised the overnight deposit rate to 18.25%, the overnight lending rate to 19.25%, and the main operation rate to 18.75%.