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‎ How to Manage Your Savings During Coronavirus

Coronavirus COVID-19 Economy egypt Egyptians feature new
‎ How to Manage Your Savings During Coronavirus
    written by
    Cairo 360

    Written by Managing Editor of Eqtisad Misr, El Husseiny Hassan, translated by Mariam Nowar

    No doubt, the Coronavirus outbreak has taken its toll on every aspect of our lives, including business and economy. The crisis has made many investors around the globe rethink their choices and explore new directions to secure their investment future.

    Even ordinary individuals, who are not aware of ways to preserve the value of their savings during such difficult times, are searching for options that will keep their head above water.

    Here are some of the safest refuges that you can turn to secure your financial position:

    Bank Certificates

    The National Bank of Egypt and Banque Misr have issued several savings certificates with a 15% interest rate. In comparison, Nasser Social Bank issue certificates that offer a 15.25% interest rate for senior citizens. Customers can purchase the certificate electronically, and get the savings paid monthly for a year.

    Buying bank certificates is the top choice for many, as it guarantees fixed returns without taking any risks. With the certificates, you can also obtain a loan, or issue credit cards within 15 days. The amount of the certificate – from the National Bank and Banque Misr — can also be redeemed after six months after the issue date.

    Real Estate

    Investing in real estate is the second safest solution for clients in Egypt after bank certificates; however, the outcomes are not always guaranteed. The value of real estate might decline in times of recession or certain areas. Also, if you have an emergency and you need liquidity, you might sell the property at a loss, and it often takes time to sell a property.

    If you opt for real estate investment, make sure you choose the right property in the areas that are high in demand, like, for example, Sheikh Zayed and October City.

    Gold

    In times of crisis, investors and individuals opt for gold as an excellent investment. However, gold is might not the best choice right now. The rapidly changing Coronavirus situation means there is instability in gold prices.

    A sudden improvement in the economy can lead to a price drop; the investors will abandon gold, and it will be difficult to resell it at the same price you bought it.

     

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