EGYPT: BANK HOLIDAY
February 14th, 2011Via: Reuters:
Egypt declared Monday a bank holiday after workers emboldened by the ousting of President Hosni Mubarak and angered by low wages and poor working conditions disrupted operations at the country’s state banks.
The Egyptian pound was little changed in slow trade on Sunday, the first day of trading since President Hosni Mubarak was toppled from power on Friday, and the central bank said it had successfully covered an auction of 6.5 billion Egyptian pounds ($1.1 billion) in treasury bills.
Banks were already due to be closed on Tuesday, an official holiday marking the Prophet Mohamed’s birthday.
“Employees are demanding higher salaries,” Deputy Central Bank Governor Hisham Ramez said by telephone, adding that the strikes were mainly at state and not private banks.
Tarek Amer, chairman of state-owned National Bank of Egypt, the country’s biggest commercial bank, submitted his resignation on Sunday after angry employees prevented him from reaching his office, bankers said.
