BREAKING NEWS

Banks reopen in Egypt after week closure

By ASSOCIATED PRESS

FEBRUARY 20, 2011 11:51

CAIRO — Banks across Egypt have reopened after an almost weeklong closure triggered by massive strikes and protests in public sector financial institutions. Egyptians lined up early Sunday morning, waiting for their first chance to conduct their business since the banks closed a week earlier on order from the Central Bank.

The banks' closure, added a new layer to economic troubles in Egypt, with bankers and economists concerned that it would further undercut investor confidence in the country.

The government estimates Egypt lost about $1.7 billion in revenue, over half of which was in the vital tourism sector.

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