Dailynewsegypt

Tag: saving accounts

  • Egypt Post cuts interest rate on its saving accounts to 8.5%

    Egypt Post cuts interest rate on its saving accounts to 8.5%

    Abdo Elwan, the Acting Chairperson of Egypt Post, decided to cut interest rates on saving accounts to 8.5% from 9.25% as of 19 March after the Central Bank of Egypt cut its rates and the National Investment Bank cut rates by 1% on Egypt Post’s deposits in the bank.

    He said that reducing interest on saving accounts and decreasing project financing costs, as well as lower inflation rates and improved economic indicators will contribute greatly to increasing investment, which will accelerate development and help maximise economic indicators.

    Elwan added that Egypt Post’s deposits amounted to EGP 220bn and the number of saving account holders reached 24 million.

    However, the Egypt Post interest rate is still the highest in the Egyptian market.

  • Egypt Post increases interest rate on savings accounts to 10.25%

    Egypt Post increases interest rate on savings accounts to 10.25%

    Egypt Post decided to hike its interest rate on savings accounts to 10.25% instead of 8%, in order to compete with banks that have been offering interest rates ranging from 18% to 20%, according to head of the National Post Authority Essam El-Sagheer.

    El-Sagheer said that the total value of deposits and invested money in the Egypt Post amounted to EGP 184bn.