Following the decision of the Central Bank to reduce the interest rate by 1.5%, Mail decided to reduce the 1% interest rate on savings accounts to bring it to 9.25%.

Issam Al-Saghir, President of the National Post Authority, said the Authority had decided to reduce the interest rate of its savings accounts, which would allow the customer to withdraw and deposit year in progress of 1% from 23 August 2019, based on the decision of the Central Bank to reduce the deposit and loan rates to 9.25%. Only 10.25%.

Essam Al-Saghir explained that the reduction of interest rates on savings accounts and project financing costs, combined with the reduction of inflation rates and improvement economic indicators currently observed in Egypt, would significantly contribute to increased investment, which would accelerate development and help maximize economic indicators.

The head of the post added that deposits on savings accounts amounted to 220 billion pounds and the number of customers savings booklets to 24 million, stating that the total deposits obtained reflected the confidence of citizens in their relations with the national postal authority.

The volume of deposits within the National Post Authority has increased by about 10 billion pounds after the announcement by the latter to increase the depositors deposit size to 220 billion pounds, instead of 210 billion pounds of books.

"This is the result of the development plan put in place over the last four years, which included the development of service delivery systems in line with the latest international standards and the modeling and development of post offices that matter. 400 offices in the Republic, connected to each other by a unified network, and providing them with the latest equipment and systems.The advanced solutions that enable them to provide these services easily and with ease, have made the Egyptian Post a platform for provide government services to citizens and the government branch in the provision of automated services.

The National Post Authority has experienced a great development over the last three years, both in terms of developing offices to become postal service centers, providing the majority of government services to assist citizens, in addition to pension service nearly 6 million beneficiaries and postal, community and financial services.

At its meeting on Thursday, August 22, 2019, the Monetary Policy Committee of the Central Bank of Egypt decided to reduce by 150 basis points the deposit rate and demand loan and the main rate of the central bank at 14.25%, 15.25% and 14.75% respectively. The credit and discount rate was also reduced by 150 basis points to 14.75%.

The annual core inflation rate continued to decline to 8.7% and 5.9% in July 2019, its lowest level in almost four years, despite the recent fiscal consolidation measures. to cover the cost of most petroleum products. This decline was facilitated by the control of inflationary pressures, which resulted in the relative decline in monthly inflation rates, as well as in the positive impact of the base year, the budget control measures recently applied by the State being lower than those of the previous year.

At the same time, preliminary data point to a slight increase in real GDP growth, which stood at 5.7% in the second quarter of 2019 and 5.6% in fiscal year 2018 / 2019, the highest rate since the 2007/08 fiscal year. The unemployment rate continued to decline to 7.5% in the second quarter of 2019, down almost six percentage points from the peak of 13.4% in the fourth quarter of 2013.