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Thursday, 19 September 2019

Egypt's banks to close early due to protests

Central Bank of Egypt instructs banks to close at 1pm this week, maintains limit on transfers of cash abroad at $100,000

Ahram Online, Wednesday 3 Jul 2013
Central Bank of Egypt (Photo: Reuters)
Views: 1124
Views: 1124

The Central Bank of Egypt has issued instructions to all banks active in Egypt to operate between 8:30am and 1pm until the end of this week due to ongoing protests for and against President Morsi, Al-Ahram Arabic news website reports.

Besides a bank holiday due to the end of the fiscal year on Monday, 1 July, Egypt’s banks have largely remained open this week, despite massive demonstrations.

Al-Ahram also reports that central bank governor Hisham Ramez has issued a reminder to all banks to abide by restrictions on transfers of cash abroad.

Since February 2011, individuals and companies have been allowed to transfer no more than $100,000, unless they can provide documented proof of legitimate business transactions warranting larger transfers.

The central bank also stressed the importance of paying foreign investors their dues from the sale of treasury bills and securities on the stock exchange and the yields and dividends owed on them. 

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