Tags: Egypt | Extends | Bank | Holiday | Rest | Week

Egypt Extends Bank Holiday for Rest of Week

Tuesday, 15 Feb 2011 01:42 PM

Egypt's central bank said the country's banks would remain shut for the rest of the week after closing since Monday because of strikes that disrupted business and a public holiday, state television said on Tuesday.

Banks had been due to close on Tuesday, which is an official holiday marking the Prophet Mohamed's birthday.

The central bank said banks would re-open on Sunday, the first day of the week in Egypt.

Egypt has been gripped by political turmoil since strongman President Hosni Mubarak was ousted in a wave of popular protests that began on Jan. 25. Economists have slashed forecasts for Egypt's economic growth in the fiscal year ending this June.

In a statement sent to state television on Tuesday, the central bank urged all banking sector employees to continue work normally "to ensure the stability of the national economy."

The Central Bank called on all banks to elect a group of representatives, not exceeding 20 individuals per bank, to discuss employees' grievances with senior management. It called for the meetings to begin on Feb. 20 and continue for no more than four weeks.

The Central bank said its governor and deputy governor would be present during the meetings to prepare for the necessary decisions to address employee demands.

It urged bank workers to "protect the gains and successes that were achieved by (the sector's) employees and their superiors in the last seven years throughout the banking reform program that protected the national economy during the global financial crisis."

© 2015 Thomson/Reuters. All rights reserved.

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