HSBC Egypt restores normal cash withdrawal limits

While fears of violence erupting Sunday persist, a major bank in Egypt, HSBC, restored normal daily cash withdrawal limits for its credit and ATM cards Saturday. The bank had announced Friday a temporarily limit daily on cash withdrawals for debit, credit and ATM cardholding customers of LE3000 ($425). The bank, however, will keep other emergency measures linked to pro and anti-government protests planned on Sunday, 30 June, in place. HSBC has announced that branches will close at 1pm on Sunday (Egypt's working week begins on Sunday) and limit cash deposits and withdrawals to LE500,000 per day, unless two working days' notice is given. HSBC Kol Yom Money Market fund units redemption cut off-time will be 11am at HSBC branches or on Personal Internet Banking, said the bank. Earlier this month, the Central Bank of Egypt (CBE) asked banks operating in Egypt to keep extra cash balances in their branches nationwide for at least five working days in order to prevent cash shortages in advance of the demonstrations. In his address to the nation aired live Wednesday night, President Morsi assured that banks would triple the cash available in their ATM machines throughout the protest period. National Bank of Egypt retail director Hazem Hegazi told Al-Ahram's Arabic-language news website that the bank's 305 branches would remain open 30 June. "No branches will close their doors, even those located near Tahrir Square and the Presidential Palace," he said in reference to Cairo's two premier protest venues. However, Hegazi added, branch managers "will have the authority to take any steps necessary to protect bank employees." Egypt’s banks and stock exchange will be closed Monday, 1 July, due to the end the 2012/13 fiscal year and the beginning of the 2013/14 fiscal year, and are set to re-open Tuesday. From : Ahram Online