Arab Finance: The Egyptian Financial Regulatory Authority (FRA) has launched the first US dollar-denominated pension and insurance certificate for Egyptian expats, the FRA stated on August 14^th.

Under the motto “pension of tomorrow”, Egyptians can buy the certificate at a minimum of $500 and a maximum of $10,000, with the possibility of paying additional instalments of $50 at minimum once a year with no fixed amount.

Egyptian expats aged between 18 and 59 are eligible to buy the certificate online with no physical examination.

The certificate has a minimum maturity of five years, and pensioners can receive their pensions either in a one-time payment or in monthly installments over 10 or 15 years after turning 50,55,60, or 65 years old.

Pensions are set to be paid in cases of death or disability.

The move is part of the country’s plans to secure foreign exchange amid the current economic crisis.

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