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Egypt's Postal Authority sees 19.7 pct rise in savings fund in 2012/13: CAPMAS

Savings with Egypt's Postal Authority, mostly used by low income individuals in rural areas, sees a 19.7 percent boost in 2012/13 compared to a year earlier

Waad Ahmed , Wednesday 26 Feb 2014
File Photo: Egypt's post office (Photo: Al-Ahram)

Deposits in the savings fund of Egypt's Postal Authority rose 19.7 percent in the financial year 2012/13 to LE65.77 billion ($9.4 billion) compared to LE54.94 billion ($7.9 billion) in the previous financial year, state-owned statistics body CAPMAS announced Wednesday.

The number of postal services units inched up 0.9 percent to reach 3880 units spread across the country.

Deposits in Egypt's Postal Authority savings fund are mostly made by low income individuals, mainly in rural areas where no commercial banks are available.

The total growth rate for local currency deposits reached 16.3 percent at the end of June 2013, according to Central Bank of Egypt statistics.

Egypt's Postal Authority currently offers a range of financial, govenmental and social services, along with its core postal service. 

Recently, the Postal Authority issued a debit card through VISA that can be used by clients in small instant transfers.

Since the government bought Egypt Post in 1865, it was mostly affiliated with the finance or trade ministries. But in 1999 its affiliation moved to the Ministry of Communications and Information Technology.

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