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FINANCIAL NEWS
Egypt’s banking system might lose USD8b
07 Feb 2011
(MENAFN) The central bank of Egypt said that the country’s banking system could lose around $8 billion in the next two weeks, reported The National.
Outflows might take place as a result of investors and Egyptian residents taking out their money as demonstrations and protests continue all over Egypt, the central bank said.
The central bank added that as a result of businesses remaining closed and residents staying home during the political crisis, the country is losing at least $310 million a day.
The central bank had previously decided to add an extra $843.79 billion in the financial system of Egypt and limit withdrawals, this led investors to worry about dramatic impacts on the first day of business in the country.
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