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Egypt: Banks Resume Activities Today

Global Arab Network - - George Haddad

Sunday, 20 February 2011 02:04

Egypt (Cairo) - The Egyptian banks and the ATM units will be ready to reopen for business today, Sunday following the compulsory closure owing to the circumstances Egypt is passing through and which forced the Central Bank Of Egypt to suspend banks to avoid any disturbances.

Well-informed banking sources said a number of banks' chiefs held detailed meetings during which they came to a decision to the need to make available foreign currency to meet needs of opening credits for importing basic commodities from abroad, especially wheat and foodstuffs regardless of the client's repaying the set percentage set to open those appropriations, the matter which banks had already done and met all requests made in this respect over last week.

The Egyptian banks altogether have managed to open basic commodities related credits worth of one billion US Dollar .

The banking sources further said that the chiefs of the main banks also decided to make available foreign currencies especially the US dollars for any client to cut short whatever channels to create black market for the foreign currency outside the banking apparatus.

Meanwhile the chiefs of the major banks also agreed on the need to resolve the problems of the banks' employees and setting a timetable for resolving these problems to create an appropriate , stable and safe atmosphere for enabling the banking apparatus to resume their activities under the crucial circumstances Egypt is passing through and to revive the economic activities once more, said the sources.

For his part, Governor and chairman of Central Bank of Egypt Dr. Farouk Abd El Baky El Okdah has turned down all resignations tendered on part of some chiefs of the boards of directors of some banks and asked them to resume their activities, the sources noted.

Global Arab Network

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