Banque Misr has issued the "Belady" bond certificate to encourage Egyptian expatriates to direct their foreign currency savings back to their homeland. The Belady certificate offers an outstanding return to increase savings.
The Central Bank of Egypt (CBE) guarantees the transfer of the value and return of redeemed certificates in US dollars to the client's account outside Egypt, with no transfer limit.
The Belady certificate features a fixed rate of return throughout the certificate's tenor, with return rates ranging from 3.5% for one-year certificates, 4.5% for three-year certificates, and 5.5% for five-year certificates. The certificate is only issued to Egyptian expatriates and their siblings in denominations of US$ 100 and its multiples with return paid every six months calculated from the purchasing date.
The certificate value is refundable. Egyptian expatriates are allowed to refund the value of the five-year certificate after the first year from the issuance date. The value of the three-year certificate can be refunded after the first six months from the issuance date, while the one-year certificate is non-refundable and its value can only be refunded at the maturity date.
The Belady certificate is expected to become a high-demand product among Egyptian expatriates seeking to support the national economy while receiving an outstanding return on their dollar savings in their homeland.