EXHIBIT 12

                  SARBANES-OXLEY ACT SECTION 302 CERTIFICATIONS

I, Javier Sarro Cortina, certify that:

1.    I have reviewed the annual report on Form 20-F of Grupo Elektra, S.A. de
      C.V.;

2.    Based on my knowledge, this annual report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this annual report;

3.    Based on my knowledge, the financial statements, and other financial
      information included in this annual report, fairly present in all material
      respects the financial condition, results of operations and cash flows of
      the registrant as of, and for, the periods presented in this annual
      report;

4.    The registrant's other certifying officers and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the company and
      have:

      a)    Designed such disclosure controls and procedures, or caused such
            disclosure controls procedures to be signed under the supervision,
            to ensure that material information relating to the company,
            including its consolidated subsidiaries, is made known to us by
            others within those entities, particularly during the period in
            which this annual report is being prepared;

      b)    Evaluated the effectiveness of the registrant's disclosure controls
            and procedures and presented in this report our conclusions about
            effectiveness of the disclosure controls and procedures, as of the
            end of the period covered by this report based on such evaluation;
            and

      c)    Disclosed in this report any changes in the company's internal
            control over financial reporting that occurred during the period
            covered by the annual report has materially affected, or is
            reasonably likely to materially affect, the company's internal
            control over financial reporting; and

5.    The company's other certifying officers and I have disclosed, based on our
      most recent evaluation of internal control over financial reporting, to
      the company's auditors and audit committee of the company's board of
      directors (or persons performing the equivalent functions):

      a)    All significant deficiencies and material weaknesses in the design
            or operation of internal control over financial reporting which are
            reasonably likely to adversely affect the company's ability to
            record, process, summarize and report financial information, and;

      b)    Any fraud, whether or not material, that involves management or
            other employees who have a significant role in the company's
            internal controls over financial reporting.

Date:  June 30, 2004
                                             /s/ Javier Sarro Cortina
                                             -------------------------------
                                             Javier Sarro Cortina
                                             Chief Executive Officer
                                             (Principal Executive Officer)

<PAGE>

                                                                      EXHIBIT 12

                  SARBANES-OXLEY ACT SECTION 302 CERTIFICATIONS

I, Rodrigo Pliego Abraham, certify that:

1.    I have reviewed the annual report on Form 20-F of Grupo Elektra, S.A. de
      C.V.;

2.    Based on my knowledge, this annual report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this annual report;

3.    Based on my knowledge, the financial statements, and other financial
      information included in this annual report, fairly present in all material
      respects the financial condition, results of operations and cash flows of
      the registrant as of, and for, the periods presented in this annual
      report;

4.    The registrant's other certifying officers and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the company and
      have:

      a)    Designed such disclosure controls and procedures, or caused such
            disclosure controls procedures to be signed under the supervision,
            to ensure that material information relating to the company,
            including its consolidated subsidiaries, is made known to us by
            others within those entities, particularly during the period in
            which this annual report is being prepared;

      b)    Evaluated the effectiveness of the registrant's disclosure controls
            and procedures and presented in this report our conclusions about
            effectiveness of the disclosure controls and procedures, as of the
            end of the period covered by this report based on such evaluation;
            and

      c)    Disclosed in this report any changes in the company's internal
            control over financial reporting that occurred during the period
            covered by the annual report has materially affected, or is
            reasonably likely to materially affect, the company's internal
            control over financial reporting; and

5.    The company's other certifying officers and I have disclosed, based on our
      most recent evaluation of internal control over financial reporting, to
      the company's auditors and audit committee of the company's board of
      directors (or persons performing the equivalent functions):

      a)    All significant deficiencies and material weaknesses in the design
            or operation of internal control over financial reporting which are
            reasonably likely to adversely affect the company's ability to
            record, process, summarize and report financial information, and;

      b)    Any fraud, whether or not material, that involves management or
            other employees who have a significant role in the company's
            internal controls over financial reporting.

Date:  June 30, 2004
                                             /s/ Rodrigo Pliego Abraham
                                             -------------------------------
                                             Rodrigo Pliego Abraham
                                             Chief Financial Officer
                                             (Principal Executive Officer)

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