Egyptians prefer cash money over banks | News | Al Jazeera

Egyptians prefer cash money over banks

Almost 90 per cent of public use paper currency as mode of payment for goods, rather than plastic.

    Egypt is holding more talks with the International Monetary Fund over a loan of almost $5bn.
     
    But with only 10 per cent of Egyptians hold a bank account, analysts say the government must reform the financial sector before it asks for the money.

    With a population surpassing 80 million, Egypt is a very lucrative market. But cash remains king, mortgages are almost nonexistent, and the bulk of the economy is undocumented.

    Al Jazeera's Rawya Rageh reports from Cairo.

    .

    SOURCE: Al Jazeera


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