Egypt Post’s Subsidiary Owns EGP100 mln Liquidity; Says Chairman

Dr. Ashraf Gamal El-Din, the Chairman of the Board of Directors of Egypt National Post Authority, has revealed that Egypt Post for Investment Company is owning around EGP 90-100 liquidity within the current period.

Gamal El-Din has explained to Amwal Al Ghad that the company has been launched to capture 20% from Etisalat Egypt shares and it did not do any new investments indeed, the company has continued as a license and board of directors without taking any decisions regarding fresh investments.

Gamal El-Din has pointed out that the total deposits of the Authority during the current period reached EGP 122 billion, explaining that 74% (EGP 90 billion) from the deposits of the National Investment Bank.

Gamal El-Din said  the Authority has halted the requests for boosting the interest rate of the National Investment Bank’s deposits driven by the Central Bank of Egypt (CBE) to cut the interest rate on deposits within the last meeting of the Monetary Policy Committee.

He further has emphasized that the Authority is investing about EGP 22 billion in the fixed income instruments and in the fully insured portfolios, asserting that it is investing EGP 3.2 billion in Etisalat Egypt.

Moreover, he has explained that Etisalat Egypt did not distribute any profits yet due to consolidated losses which prevented it from distributing any profits to shareholders.