CAIRO: Egypt Post Authority CEO Essam el-Sagheer said deposits in the savings fund reached160 billion EGP ($20.4 billion,) Youm7 reported Thursday.
He pointed out that the authority’s clients increased to 22 million people while the number of subscribers in the “Citizen’s Account;” a project recently launched by the authority, reached 5,000.
“As per the Central Bank of Egypt’s decision to reduce the interest rates, the rates of the post authority decreased by 0.5 percent to reach 8 percent,” Sagheer told Youm7.
On June 20, Prime Minister Ibrahim Mahlab launched the “Citizen’s Account” project in Egypt postal authority to support individuals with income.
Sagheer explained that the project also provides citizen with life insurance coverage.
Created for citizens from 18-59 years old, the project targets the citizens who do not have insurance coverage, pension or the stable income needed to save money.