Wednesday 22 July 2020
I wrote – Manal Al-Masry:
Karim Souss, CEO of retail banking at the National Bank of Egypt, said that the bank intends to reduce the interest rate on personal loans and credit cards during the first 3 months of launching the presidential initiative to stimulate consumption and encourage the local product.
The Minister of Finance announced last week an initiative to stimulate consumption and encourage the local product, which includes offering a number of durable and non-durable goods at reduced prices with an average discount of 20% in agreement with the Federation of Industries and Chambers of Commerce.
Karim Souss Masrawy said that the interest rate reduction will be on personal loans and installments using credit cards for all customers in the bank so that any customer can benefit from the interest rate reduction during the first 3 months of launching the initiative.
He clarified that the bank will announce the interest rate reduction for personal loans and installments via credit cards after completing the necessary approvals.
The initiative gives an additional 10% discount to ration card holders on all durable and non-durable consumer goods offered for sale within the initiative, according to previous statements of the Minister of Finance.
He said that this presidential initiative will allow the possibility of electronic purchase “online”, and allow installments for a period of two years with reduced interest; This is to make it easier for citizens to reduce the burdens on their shoulders.