>

A Major Egypt Bank Runs Now Taking Place


Seems in Egypt there’s already a “bank run”

Today I was at #CIB Bank.. there was NO CASH everyone is rushing to withdraw money before #June30..Supermarkets are raided.. shelves r empty

https://twitter.com/MarwaMfarid

There is no gas for cars in Egypt, markets and grocery stores are closing, no money in the banks, what the actual hell

https://twitter.com/TakeyouBiebers

CBE urges Egypt banks to keep extra cash in run-up to 30 June rallies
 
In advance of upcoming 30 June anti-govt rallies, Central Bank of Egypt (CBE) tells local banks to keep extra cash on hand to avoid possible currency shortages

The Central Bank of Egypt (CBE) has asked banks operating in Egypt to keep extra cash balances for at least five working days in order to prevent cash shortages in advance of planned anti-government demonstrations on 30 June, Al-Ahram’s Arabic-language news website reported on Tuesday.

The decision, signed by CBE Deputy Governor Gamal Negm, urged banks to maintain extra cash reserves at all their branches nationwide rather than concentrating reserves at their Cairo branches.

Hazem Hegazi, head of retail at the National Bank of Egypt, told Al-Ahram’s Arabic-language news website that the bank’s 305 branches would remain open on 30 June.

http://english.ahram.org.eg/NewsContent/3/12/74385/Business/Economy/CBE-urges-Egypt-banks-to-keep-extra-cash-in-runup-.aspx

EL-ERIAN: The Next Few Days Will Be Critical For The Global Financial Markets

http://www.businessinsider.com/el-erian-next-few-days-critical-global-markets-2013-6

18 Total Views 1 Views Today
Did you already share this? No? Share it now: