Bank certificates of deposit are attracting strong interest from Egyptians, who continue to flock in numbers to invest via mobile and internet banking. Indeed, the new issues of certificates of deposit from the National Bank of Egypt and Banque Misr recorded an amount of 11 billion Egyptian pounds on the first day.
Banking experts advise clients to also invest in gold and real estate for the long term, while for short-term investments with a monthly or annual return, certificates of deposit offering a rate of return of 23, 5% and 27% are highly recommended.
Banque Misr President Mohamed al-Etreby said the bank collected an amount of four billion Egyptian pounds, while BNE collected around seven billion. Both banks offered these certificates through electronic means, such as mobile phones, online banking and ATMs, and they will be available at all branches from Monday morning.
It is expected that the total amount of issuance will increase with the official resumption of banking activities on Monday, after the end of the weekly holidays and Christmas.
Sahar al-Damaty, banking expert, recommends clients to invest more in treasury bills compared to certificates of deposit, because the former have a higher yield, are obtained in advance and are easier to recover immediately day after their purchase. She also advises investing in short- and medium-term certificates of deposit for those who want a monthly or annual return, but she recommends not redeeming them before six months.
Rania Yacoub, a member of the board of directors of the Stock Exchange and an economic expert, emphasizes that gold will continue to be a safe haven for long-term investments, especially with increasing tensions in the Middle East. She adds that real estate is also a safe investment in the region, with strong interest from Arab funds and local investors.
In conclusion, bank certificates of deposit are increasingly popular in Egypt, with growing customer demand through mobile and internet banking. Experts recommend diversifying investments, including gold and real estate for long-term returns. It is also important to consider the recommended holding period for certificates of deposit to maximize profits.