{"id":579118,"date":"2023-01-25T04:15:48","date_gmt":"2023-01-25T04:15:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/its-sayonara-to-high-yield-cds-at-the-end-of-the-month\/"},"modified":"2023-01-25T04:15:48","modified_gmt":"2023-01-25T04:15:48","slug":"its-sayonara-to-high-yield-cds-at-the-end-of-the-month","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/its-sayonara-to-high-yield-cds-at-the-end-of-the-month\/","title":{"rendered":"It\u2019s sayonara to high-yield CDs at the end of the month"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Banque Misr and the National Bank of Egypt are pulling their <\/strong><strong>one-year, 25% certificates of deposit <\/strong><strong>after the end of January<\/strong>, according to emailed statements from the two banks. The high-yield savings products were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/925e4b4b-5b42-4247-9c68-4a8084d7f8a1\">introduced to the market<\/a> on 4 January ahead of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63a7ec65-1966-4d8f-9b11-181cbd0f12b6\">the EGP devaluation<\/a> to help curb inflation and dollarization. They offer savers a one-time 25% payout on maturity, or monthly interest payouts at a reduced 22.5% annualized rate.<\/p>\n<p><strong>More banks have issued CDs:<\/strong> Private lenders CIB and QNB Al Ahli each <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3dc90d26-f363-4f4c-9854-f2ddaef9b1f6\">launched<\/a> one-year CDs offering buyers a one-time payment of 22.5% on the maturing of their CD, or a monthly interest payout at a reduced annualized rate of 20%. While CIB\u2019s minimum buy-in is EGP 100k, QNB offers a EGP 1k minimum. Most recently, state-owned Banque du Caire <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b252d5fc-e5e3-41f9-a8ca-8c9cf8c17127\">introduced<\/a> its own one-year 25% CD akin to those at NBE and Banque Misr.<\/p>\n<p><strong>Expect all of the banks to pull their CDs from the market at the same time. <\/strong>If NBE and BM are no longer selling them, then there\u2019s no impetus for other banks to continue doing \u2014 they introduced their CDs as defensive measures to protect deposits.<\/p>\n<p><strong>We knew this was coming: <\/strong>Banque Misr Chairman Mohamed El Etreby <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b252d5fc-e5e3-41f9-a8ca-8c9cf8c17127\">last week<\/a> said the CDs at NBE and BM could be withdrawn in days \u2014 and by the end of the month at the latest.<\/p>\n<p><strong>Savers have piled in:<\/strong> Savers have put EGP 260 bn into NBE\u2019s CDs, the bank said in the statement. Banque Misr didn\u2019t disclose a figure, though it had collected EGP 120 bn as of a week ago.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banque Misr and the National Bank of Egypt are pulling their one-year, 25% certificates of deposit after the end of January, according to emailed statements from the two banks. The high-yield savings products were introduced to the market on 4 January ahead of the EGP devaluation to help curb inflation and dollarization. They offer savers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":579119,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7350],"tags":[204,576,240,104,1419,72,625],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-banque-misr","tag-cib","tag-economy","tag-egp","tag-enterpriseam","tag-qnb-alahli","wpautop","entry"],"acf":{"mongo_id":"166ff670-3d1c-405e-a030-6f2af41953c4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/444.jpg","photo_position":"above","related_issue":[579107],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>It\u2019s sayonara to high-yield CDs at the end of the month - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/its-sayonara-to-high-yield-cds-at-the-end-of-the-month\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It\u2019s sayonara to high-yield CDs at the end of the month\" \/>\n<meta property=\"og:description\" content=\"Banque Misr and the National Bank of Egypt are pulling their one-year, 25% certificates of deposit after the end of January, according to emailed statements from the two banks. The high-yield savings products were introduced to the market on 4 January ahead of the EGP devaluation to help curb inflation and dollarization. They offer savers [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/its-sayonara-to-high-yield-cds-at-the-end-of-the-month\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-25T04:15:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/444.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/its-sayonara-to-high-yield-cds-at-the-end-of-the-month\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/its-sayonara-to-high-yield-cds-at-the-end-of-the-month\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"It\u2019s sayonara to high-yield CDs at the end of the month\",\"datePublished\":\"2023-01-25T04:15:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/its-sayonara-to-high-yield-cds-at-the-end-of-the-month\/\"},\"wordCount\":269,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/its-sayonara-to-high-yield-cds-at-the-end-of-the-month\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/444.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"Banque Misr\",\"CIB\",\"economy\",\"EGP\",\"EnterpriseAM\",\"QNB Alahli\"],\"articleSection\":[\"Banking\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/its-sayonara-to-high-yield-cds-at-the-end-of-the-month\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/its-sayonara-to-high-yield-cds-at-the-end-of-the-month\/\",\"name\":\"It\u2019s sayonara to high-yield CDs at the end of the month - 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The two banks are offering a fixed, three-year\u2026","rel":"","context":"In &quot;Banking&quot;","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/55.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":613134,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/09\/banks-impose-minimum-interest-rate-of-24-on-secured-loans\/","url_meta":{"origin":579118,"position":1},"title":"Banks impose minimum interest rate of 24% on secured loans","author":"enterpriseam admin","date":"9 January 2024","format":false,"excerpt":"The new minimum came into effect on Monday following instructions from the CBE","rel":"","context":"In &quot;Banking&quot;","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/460.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":613053,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/08\/new-27-cds-bring-in-egp-11-bn-on-day-one\/","url_meta":{"origin":579118,"position":2},"title":"New 27% CDs bring in EGP 11 bn on day one","author":"enterpriseam admin","date":"8 January 2024","format":false,"excerpt":"The two banks introduced the record-high yield CDs over the weekend","rel":"","context":"In &quot;Banking&quot;","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/311.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578595,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/cbe-lets-egp-slide-as-big-two-state-owned-banks-announce-25-cds\/","url_meta":{"origin":579118,"position":3},"title":"CBE lets EGP slide as Big Two state-owned banks announce 25% CDs","author":"enterpriseam admin","date":"5 January 2023","format":false,"excerpt":"The Central Bank of Egypt made a big move on the FX front yesterday, allowing the EGP to slide against the greenback at the same time as the nation\u2019s two largest banks announced high-yield local-currency certificates of deposit. 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