Savings Fund deposits jump 14% in FY2015-16: Egypt’s CAPMAS

Deposits in savings fund of Egypt’s Postal Authority reached 100.6 billion Egyptian pounds (US$11.3 billion) in financial year 2015-16 versus 88.3 billion pounds a year earlier, making a 14 percent increase.

In a press release issued Saturday, State’s statistics body Central Agency for Public Mobilization and Statistics (CAPMAS) stated that this increase is due to the flexibility and confidence in post offices which are spread all over Egypt

The report showed that the volume of deposited amounts with postal checks recorded 56.8 billion pounds in fiscal year 2015-16 opposed to 49.5 billion pounds a year earlier, registering a 14.7 percent hike.

In financial year 2015-16, the total pensions disbursed through postal offices hit 55.7 billion pounds compared to 49.2 billion pounds in fiscal year 2014-15, jumping by 13.1 percent.

Meanwhile, the number of pensions disbursed from postal offices rose by 6.4 percent in financial year 2015-16 to 65.1 million from 61.2 million in 2014-15.

The report stated that the number of postal services units recorded 3,927 during financial year 2015-16 opposed to 3,911 units in 2014-15, making a 0.4 percent growth.

Moreover, the number of electronic payment units hit 2,144 in fiscal year 2015-16 versus 2,046 a year earlier, climbing by 4.8 percent.

Electronic payment units are an automated system that provides the ability of conducting financial transactions and balance inquiry.