Fear of Renewed Clashes; Egypt Banks to Close at 1:00 PM

Number of mangers of banks branches in Egypt said the banking sector will continue to halt their activities by 1:00 PM due to the ongoing political unrest and frequent clashes between political foes.

Central Bank of Egypt (CBE), before 30th June Revolution,  stressed on stocking Automated Teller Machine (ATM) with cash in order to provide the required liquidity for the customers.

Tarek Helmy, Principal Bank for Development and Agricultural Credit’s (PBDAC) deputy chairman said the CBE had instructed banks to close at 1:00 PM instead of its official working hours so as to avoid any potential clashes inasmuch as different political forces called for massive demonstrations today in order to express their opinions.

Banks were decided to be operated as usual for this week; following last week security measures as banks were closed early. However, due to the continuation of the political unrests and tensions spurred CBE to close banks branches early.

Banks officials assured that boards of directors entrusted branches’ managers to take right decision, especially for the branches which are located in areas of the clashes.

A senior source in CBE revealed that today all the banks in the domestic market are resuming its activities normally, amid intensified security, as well as banks branches and ATM. The Source stressed that the banks will be closed at 1:00PM instead of 2:00; noting that CBE instructed banks to stock ATM with cash in order to provide the necessary liquidity for the customers.

Today, different political forces are organizing massive demonstrations in all Egyptian Squares.