{"id":616565,"date":"2024-03-07T00:00:00","date_gmt":"2024-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/banks-roll-out-high-interest-rate-cds-ease-currency-controls-on-credit-cards\/"},"modified":"2024-03-07T00:00:00","modified_gmt":"2024-03-07T00:00:00","slug":"banks-roll-out-high-interest-rate-cds-ease-currency-controls-on-credit-cards","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/banks-roll-out-high-interest-rate-cds-ease-currency-controls-on-credit-cards\/","title":{"rendered":"Banks roll out high interest rate CDs, ease currency controls on credit cards"},"content":{"rendered":"

The nation\u2019s banks got clear instructions yesterday from the central bank: <\/strong>Start easing restrictions as quickly as each bank is individually able to do so as we transition to a new normal. <\/p>\n

Here\u2019s how that played out:<\/p>\n

#1- New high-interest CDs: <\/strong>State-owned Banque Misr and National Bank of Egypt have rolled out high-interest certificates of deposit (CDs) (here<\/a> and here, pdf<\/a>). The three-year CDs carry a declining rate, offering buyers an annual payment of 30% for the first year, 25% for the second year, and 20% for the third year, or quarterly or monthly payouts at reduced annual rates. Quarterly payouts start at a 27% annual rate, declining 400 bps each year, while monthly payouts start at 26% and decline 350 bps each year.<\/p>\n

ICYMI: The two banks in January <\/strong>introduced<\/a><\/strong> then-record high CDs with yields up to 27% <\/strong>in January<\/strong> to reel in liquidity after CDs worth around EGP 500 bn matured. <\/p>\n

#2- <\/strong>FX spending limit revisited: <\/strong>TheCBE told banks they can ease over time limits on foreign-currency transactions, a senior banker tells us. The central bank is leaving each institution to ease restrictions at its own pace. The CBE is also allowing banks to ease curbs on the use of EGP credit cards for FCY-transactions in Egypt. It remains unclear when it will scrap limits on the use of EGP debit cards abroad.<\/p>\n

#3- Black market no more?<\/strong> FX trading on the black market came to a halt<\/a> yesterday, signaling that the central bank achieved one of its main goals with the recent wave of reforms. The parallel market is \u201con its way to disappearing completely,\u201d<\/strong> Banque Misr Chairman Mohamed El Etreby said (watch, runtime: 4:35<\/a>). <\/p>\n

#4- Import backlog to ease:<\/strong> Banks exchanged more than USD 1 bn via the interbank market yesterday to cover backlogged requests to fund the imports of basic commodities. Importers of strategic and critical goods should see relief first, one of the nation\u2019s most senior private-sector bankers tell us. \u201cWe will prioritize importers of food, medicine and the like \u2014 the idea is to get critical stuff out of ports as soon as possible and then move on to production inputs and everything else in the backlog.\u201d<\/p>\n

Estimates of the size of the backlog vary wildly depending on who you talk with<\/strong>, but we think it\u2019s in the range of USD 6-8 bn when you exclude duplicate orders and other distortions. Prime Minister Mostafa Madbouly has signaled that the release of goods<\/a> from ports is a priority. <\/p>\n","protected":false},"excerpt":{"rendered":"

The parallel market is \u201con its way to disappearing completely,\u201d Banque Misr Chairman Mohamed El Etreby said<\/p>\n","protected":false},"author":1,"featured_media":616566,"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":[204,576,82,1432,271,838,68,72,2234,7093,182,349,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-banque-misr","tag-bonds","tag-cds","tag-central-bank-of-egypt","tag-devaluation","tag-egx","tag-enterpriseam","tag-foreign-exchange","tag-gold","tag-inflation","tag-interest-rates","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"63e69804-99bc-4a94-a1e0-343e601e434b","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/572.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Banks roll out high interest rate CDs, ease currency controls on credit cards","related_issue":[616552],"teaser":"The parallel market is \u201con its way to disappearing completely,\u201d Banque Misr Chairman Mohamed El Etreby said","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.796a584f-ad29-494e-9901-80a72bbb7c52.mp3"},"yoast_head":"\nBanks roll out high interest rate CDs, ease currency controls on credit cards - 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The two banks are offering a fixed, three-year\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\/4\/55.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579118,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/its-sayonara-to-high-yield-cds-at-the-end-of-the-month\/","url_meta":{"origin":616565,"position":1},"title":"It\u2019s sayonara to high-yield CDs at the end of the month","author":"enterpriseam admin","date":"25 January 2023","format":false,"excerpt":"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\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":570703,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/12\/national-bank-of-egypt-banque-misr-sell-egp-70-bn-of-high-interest-cds\/","url_meta":{"origin":616565,"position":2},"title":"National Bank of Egypt, Banque Misr sell EGP 70 bn of high-interest CDs","author":"enterpriseam admin","date":"12 April 2020","format":false,"excerpt":"State banks sell EGP 70 bn of high-interest savings certificates in three weeks: Around EGP 70 bn has been invested in the National Bank of Egypt (NBE) and Banque Misr\u2019s new high-interest savings certificates since they were made available three weeks ago, Al Mal reports. NBE has sold EGP 47\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546847,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/bye-bye-18-certificates-of-deposit\/","url_meta":{"origin":616565,"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":574784,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/22\/nbe-banque-misr-scrap-high-interest-savings-certificates\/","url_meta":{"origin":616565,"position":4},"title":"NBE, Banque Misr scrap high-interest savings certificates","author":"enterpriseam admin","date":"22 September 2020","format":false,"excerpt":"NBE, Banque Misr scrap high-interest CDs: State-owned National Bank of Egypt (NBE) and Banque Misr have stopped offering 15% fixed-rate savings certificates launched in mid-March, the institutions told the local press (here and here). The banks started selling the high-interest certificates in March to protect savers and ease pressure on\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/234.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":616565,"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\/616565","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=616565"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616565\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616552"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616566"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616565"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616565"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}