Egypt Post to Obtain EGP400 mln from National Investment Bank by July

Dr. Ashraf Gamal El-Din the Executive Chairman of Egypt Post asserted that his post will obtain EGP400 million liquidity from the National Investment Bank (NIB) early 2014/2015.

Gamal El Din explained that the liquidity that will be provided by the bank represents 0.5% from the deposits of national investments, excluding that the bank will boost the liquidity rates which will provide by Egypt Post.

Gamal El Din also excluded the bank’s restore to reduce the interest on the Post’s deposits, especially it faced the deduction at the end of the last year in line with Central Bank of Egypt’s decisions to reduce the interest price on the banks’ deposits in general.

He illustrated that the post obtained EGP380 million liquidity early the last year of 2013/2014, noting that total post’s deposits in the bank up around EGP90 billion with 8.5% interest rate.

NIB decided to determine the interest rate on deposits with 8.5% annually, with 0.5% decline.

The total Post’s deposits reached around EGP122 billion during the current period and it serves around 22 million depositors, 74% includes the bank’s deposits (EGP90 billion).