Commercial International Bank said that the money around its clients from Egypt to the outside, due to political unrest, 25% only, which had expected the Bank and experts.
The bank expects remittances with a huge flight of foreign investors and businessmen from the Egyptian political uncertainty, which in Egypt since the outbreak of anti-regime protests, the former governor Jan. 25.
Traders said investors have turned hundreds of millions of dollars out of the country on January 26 and 27, which made the central bank to stop working in banks for a whole week, renewed after the closure of banks after a series of labor strikes to protest low wages and poor living conditions after the overthrow of former President Hosni Mubarak.
The source said a senior banker, who requested anonymity, said the decision «Central» Close Banks face of protests and resistance to control the wave of inward remittances and withdrawals of funds available is the most important reason for closure.
Said Hisham Ezz El Arab, Chairman, Commercial International Bank, the remittances abroad much less than he had anticipated the bank, and that it amounted to only 25% of the initial estimates, but did not give a figure denied by the Central Bank by clicking on «International Trade» for the purchase of treasury bills. Traders said the currency market is that more money could be smuggled Egyptian stock exchange following the resumption of work after the closure of a continuous since 27 January.
One trader said outside Egypt: «I think he should receive such reports on remittances with some caution because the stock market closed since the beginning of the crisis».
For his part, urged the central bank, said in a statement, the banks all employees to attend in their work «in order to preserve the stability of the national economy».
The bank expects remittances with a huge flight of foreign investors and businessmen from the Egyptian political uncertainty, which in Egypt since the outbreak of anti-regime protests, the former governor Jan. 25.
Traders said investors have turned hundreds of millions of dollars out of the country on January 26 and 27, which made the central bank to stop working in banks for a whole week, renewed after the closure of banks after a series of labor strikes to protest low wages and poor living conditions after the overthrow of former President Hosni Mubarak.
The source said a senior banker, who requested anonymity, said the decision «Central» Close Banks face of protests and resistance to control the wave of inward remittances and withdrawals of funds available is the most important reason for closure.
Said Hisham Ezz El Arab, Chairman, Commercial International Bank, the remittances abroad much less than he had anticipated the bank, and that it amounted to only 25% of the initial estimates, but did not give a figure denied by the Central Bank by clicking on «International Trade» for the purchase of treasury bills. Traders said the currency market is that more money could be smuggled Egyptian stock exchange following the resumption of work after the closure of a continuous since 27 January.
One trader said outside Egypt: «I think he should receive such reports on remittances with some caution because the stock market closed since the beginning of the crisis».
For his part, urged the central bank, said in a statement, the banks all employees to attend in their work «in order to preserve the stability of the national economy».
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