egyptian banks declare emergency after riots
Last Updated : GMT 23:52:26
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Fears of long-term impact on economy

Egyptian banks declare emergency after riots

Arab Today, arab today

Arab Today, arab today Egyptian banks declare emergency after riots

Fears of looting have led to an increase in the number of security personnel around bank branches
Cairo - Mohammed Salah

Fears of looting have led to an increase in the number of security personnel around bank branches Banks and exchange companies in Egypt are concerned with the growing number of protests against President Mohammed Morsi, with fears that they could have a significant impact on the economy. Security measures at financial headquarters in Tahrir square and neighbouring provinces such as Alexandria, Port Said, Suez, Assiut and Mahala have been intensified. Capital Market observers say the fresh bout of violence is likely to impact on foreign investments into Egypt.
Fears of looting have led to an increase in the number of security personnel around bank branches, the closure of branches around 1300 hrs, and granting of additional powers to the heads of branches to make security decisions in the event of any danger.
Bankers predict that a continuation of these events will affect the international ranking of Egyptian banks, resulting in the reduction of the sovereign rating of Egypt. An official from the National Development Bank said that violent incidents during working days had led to the closure of branches in Omar Makram and Bab El Louk areas.
A source from government-owned banks said that the administration is taking all precautionary measures to deal with the events and that the bank is developing a comprehensive insurance policy with it being "a state of emergency since the outbreak of the revolution and even now."
The source added that the impact of the protests on the Egyptian economy was the biggest concern now, with foreign investors worried about the lack of stability.
Basant Fahmi, chairman of the Board of Directors for Al-Mashora banking services, described recent events in Egypt as a "disaster" for the country.  She explained that international banks will not deal with Egypt which in turn will affect the investment, tourism and all other international transactions.
A young member of the Muslim Brotherhood was killed in protests against President Morsi's constitutional decree, on Sunday. The 15-year old was defending the governing Freedom and Justice Party's (FJP) headquarters in Beheira from intruders. Under the President's decree, his decisions cannot be challenged by any official body and prevent the dissolution of the Constituent Assembly.
 

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