EBI Says 0.7% Rate of Official Savings Accounts in Egypt Banks

Executive Director of Egyptian Banking Institute (EBI) Mona ElBaradei said the proportion of savings in banks’ official accounts reached up 0.7% from the total population that are 86.7 million, but this proportion boosts to 4.5% in Middle East and North Africa in addition 44% in developed countries.

On the sidelines of a workshop over increasing financial awareness topic for citizens in Alexandria, ElBaradei added that the savings  proportion from GDP outcome hit 13% and this doesn’t comply with the targeted growth rate.

The informal private sector estimated at anywhere between 35 and 40 percent of the GDP and this proportion  will account for 70%  to small and medium sized projects, ElBaradei noted.

Furthermore, she also reviewed a number of economic indexes through it she explained the proportion of the dealers with Egyptian banks that surged by 10% while 17.7% in Middle East and North Africa and around 89.4% in developed countries.