Installment sales to overcome price hikes

The Federation of Egyptian Banks, the Central Bank of Egypt, the Consumer Protection Agency, and numerous marketing experts have called on traders and producers to enable installment sale and after-sale mechanisms to help consumers overcome the price increases of goods.

Mohammed Abd el-Salam, chairman of the Garment Industry Chamber, urged the Federation of Egyptian Industries to request that banks allow the purchase of clothes to be made through installments with special credit cards which do not add extra charges for new services.

Abd el-Salam explained that the increase of production costs coupled with increasing sales costs of clothes result in a stagnation of internal trade, particularly during winter.

Ahmed el-Zafrany, a member of the Garment Industry Chamber’s board of directors, said that the credit cards would be available through cooperative associations and unions, as they have the capacity to guarantee installment sales.

Chairman of the Federation of the Egyptian Chambers of Commerce, Ahmed el-Wakil, suggested that companies, suppliers and traders should pay greater attention to after-sales services in expanding the new service.

He also asked the Consumer Protection Agency to ensure fairness of commercial transactions through the new credit cards.

Edited translation from Al-Masry Al-Youm

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