Egypt banks to allow limited withdrawals, unlimited transfers

05 Feb 2011

(MENAFN) Egypt’s central bank stated that commercial banks in the country would open on Sunday and that, as per the central bank instructions, they would facilitate limited cash withdrawals by individuals as well as unlimited transfers to outside the country, reported Gulf News.

The central’s bank statement comes after commercial banks were closed for a week due to the political conditions the country had been undergoing as protests rose in many areas in Egypt.

Commercial banks prepared themselves for alarmed investors to show up for massive money withdrawals, especially after the country had been witnessing this political instability since late January.

It is worth noting that the government in Egypt reported $36.6 billion in maturing treasury bills that must be redeemed this week.

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