Egyptians lined up early Sunday morning, waiting for their first chance to conduct their business since the banks closed a week earlier on order from the Central Bank. There were no signs of the worker protests outside the main state banks similar to those last Sunday that prompted the central bank to shut down all banks, state and private, the following day.

 

Labour unrest that surged exponentially in the days after the popular uprising that unseated Hosni Mubarak on 12 February have battered an already bruised Egyptian economy.

 

The banks' closure, however, added a new layer to the troubles, with bankers and economists concerned that it would further undercut investor confidence in the country.

 

The Egyptian pound was trading at 5.883 to the U.S. dollar, down from 5.877 when banks were last open on Sunday of last week, a dealer said.

 

"It is very quiet and slow. There are a few trades at 5.883," a trader working in a bank treasury room said.

 

The pound weakened to as low as 5.96 to the dollar on 8 February, three days before the fall of Hosni Mubarak, from 5.816 before political protests erupted on 25 January, but rebounded after the central bank intervened to support it.

 

The government estimates Egypt lost about US$1.7 billion in revenue, over half of which was in the vital tourism sector. 

 

Tuesday of last week was a bank holiday marking the Prophet Mohamed's birthday. Sunday was the seventh day that banks had opened their doors for business since 27 January.