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
There is no gas for cars in Egypt, markets and grocery stores are closing, no money in the banks, what the actual hell
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.
EL-ERIAN: The Next Few Days Will Be Critical For The Global Financial Markets