Thursday, February 3, 2011

Egyptian Central Bank Will Restrict Withdrawals When Banks Open on Sunday

but there will be no limit on transfers, overseas included. Big businesses, rich Egyptians need not worry (if they are ever worried).

  • ECB has $36 billion reserves.

  • Individuals will be limited to daily withdrawals of 50,000 Egyptian pounds ($8,537) and $10,000 worth of foreign currency.

  • No such limit for companies.

  • Unlimited transfer of funds for anyone.

The central bank's deputy governor is confident that there will be no problem honoring all transactions, and there will be no weakening of the currency.

For more, go to Reuters' article.

Run, run, run, run, bank run...


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