{"id":613053,"date":"2024-01-08T00:00:00","date_gmt":"2024-01-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/08\/new-27-cds-bring-in-egp-11-bn-on-day-one\/"},"modified":"2024-01-08T00:00:00","modified_gmt":"2024-01-08T00:00:00","slug":"new-27-cds-bring-in-egp-11-bn-on-day-one","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/08\/new-27-cds-bring-in-egp-11-bn-on-day-one\/","title":{"rendered":"New 27% CDs bring in EGP 11 bn on day one"},"content":{"rendered":"

Savers line up for high yield CDs: <\/strong>Savers have put away some EGP 11 bn into the newly introduced high-yield certificates of deposit (CDs) during their first 24 hours of issuance on Friday, Banque Misr Chairman Mohamed El Etreby told Kelma Akhira\u2019s Lamees El Hadidi (watch, runtime: 15:59<\/a>) on Saturday. Savers have poured some EGP 4 bn in CDs with Banque Misr and EGP 7 bn with the National Bank of Egypt\u2019s (NBE) on the first day, El Etreby said. <\/p>\n

BACKGROUND: <\/strong>The nation\u2019s two largest banks introduced<\/a> the record-high yield CDs with yields up to 27% over the weekend, allowing clients to buy the certificates online to be activated when banks go back to work today. The issuance came after CDs worth around EGP 500 bn <\/strong>introduced<\/a><\/strong> by the <\/strong>two banks <\/strong>in January 2023 began maturing this past Friday<\/strong>.<\/p>\n

Buyers have two types of CDs to choose from:<\/strong> Saver can opt for the certificate with aone-time payment of 27% when their CDs mature in 12 months' time or the certificate with monthly interest payouts at a reduced 23.5% annualized rate. More details on the banks\u2019 Facebook pages (here<\/a> and here<\/a>).<\/p>\n

Sound smart: <\/strong>It remains unclear whether consumers lined up for the new CDs in the same way that they did the last time around. Customers brought up some EGP<\/a>91<\/a>bn<\/a> worth of high-yield CDs in the first three days of them being brought to the market in January 2023. Given the CDs were offered first over the weekend and through online channels, we\u2019ll have to wait until at least until after banks re-open today post-Christmas to have a better idea of how popular the CDs are.<\/p>\n

El Etreby has big ambitions: <\/strong>\u201cI expect savers to invest more than EGP 500bn in this new batch of CDs,\u201d he said, pointing to the possibility of the two banks offering the CDs until February. <\/p>\n

The macro backdrop: <\/strong>Unlike last year's CDs, when the 25% yield was significantly above the 18.7%<\/a> urban annual inflation recorded a month before the CDs were announced, this time around the yields are nowhere near the 34.6%<\/a> rate of inflation recorded in November. Folks with maturing CDs can also opt to hedge through gold, real estate, foreign currencies, T-bills, or by trading on EGX \u2014 all of which have generated much higher gains over the last year and have been seen in hindsight as missed chances.<\/p>\n

So why would savers choose the recently issued CDs? <\/strong>The target audience for these CDs is pensioners, people with low investment awareness, or those who need a stable return with no risk, economist Ahmed Shawky told Enterprise.Shawky pointed to treasury bills as an alternative to CDs that have yields of 20-22% after tax and can be sold whenever easily and without enduring losses, but told us that \u2014 unlike CDs \u2014 they require a more experienced investor. Other investments like gold and real estate are also promising alternatives, but are more long-term and require a lot of liquidity, making them less attractive to investors who seek periodical returns to cover life expenses.<\/p>\n","protected":false},"excerpt":{"rendered":"

The two banks introduced the record-high yield CDs over the weekend<\/p>\n","protected":false},"author":1,"featured_media":613054,"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":[204,576,7106,72,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-banque-misr","tag-debt","tag-enterpriseam","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"ca07962e-49c3-4cb5-ab1d-89a6443c7602","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/311.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Banque Misr + National Bank of Egypt\u2019s new CDs attract EGP 11 bn on first day of issuance","related_issue":[613046],"teaser":"The two banks introduced the record-high yield CDs over the weekend","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.3a12477a-8296-41b0-a0db-2c2c57764007.mp3"},"yoast_head":"\nNew 27% CDs bring in EGP 11 bn on day one - 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The high-yield savings products were introduced to the market on 4 January ahead of the EGP devaluation to help curb inflation\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/444.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":614118,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/savers-pour-egp-471-bn-into-high-yield-cds-plus-mining-tender-subsea-cable-incoming\/","url_meta":{"origin":613053,"position":1},"title":"Savers pour EGP 471 bn into high-yield CDs. PLUS: Mining tender + subsea cable incoming.","author":"enterpriseam admin","date":"28 January 2024","format":false,"excerpt":"Savers have poured some EGP 305 bn in CDs with NBE and EGP 166 bn with BM\u2019s","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2244.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578632,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/09\/newly-introduced-25-cds-see-massive-demand-in-first-two-days-big-two-bag-usd-700-mn-facility\/","url_meta":{"origin":613053,"position":2},"title":"Newly introduced 25% CDs see massive demand in first two days + Big Two bag USD 700 mn facility","author":"enterpriseam admin","date":"9 January 2023","format":false,"excerpt":"The newly released 25% certificates of deposit have raked in almost EGP 100 bn in a matter of days \u2014 and the two state banks offering them have reportedly secured a major loan to meet local demand for hard currency.Savers poured nearly EGP 100 bn into newly introduced record-high yield\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/113.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546847,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/bye-bye-18-certificates-of-deposit\/","url_meta":{"origin":613053,"position":3},"title":"Bye-bye, 18% certificates of deposit\u2026","author":"enterpriseam admin","date":"31 May 2022","format":false,"excerpt":"NBE, Banque Misr suspend sales of 18% CDs: State-owned National Bank of Egypt (NBE) and Banque Misr will no longer be selling one-year, 18% certificates of deposit (CDs) introduced after the Central Bank of Egypt\u2019s devalued the EGP on 22 March, according to a statement (pdf) from Banque Misr and\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/410.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":613053,"position":4},"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. It has three goals: To convince folks with hard currency deposits in\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/86.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590806,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/26\/banque-misr-nbe-are-back-with-another-round-of-usd-certificates-to-draw-more-fx-into-the-banking-system\/","url_meta":{"origin":613053,"position":5},"title":"Banque Misr + NBE are back with another round of USD certificates to draw more FX into the banking system","author":"enterpriseam admin","date":"26 July 2023","format":false,"excerpt":"The state banks will begin offering two three-year certificates offering 7% and 9% annual rates from today","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/1038.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/613053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=613053"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/613053\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/613046"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/613054"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=613053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=613053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=613053"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=613053"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=613053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}