Babylon & Beyond

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Israel, the Arab world and beyond

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EGYPT: Long lines form outside Cairo banks

February 6, 2011 | 10:03 am

Long lines formed Sunday outside Cairo banks, some of which opened for the first time in a week, news reports said.

Armored personnel carriers stood guard at sandbagged intersections as buses dropped employees off at large state banks, the Reuters news agency reported.

Bankers had expected foreign investors and local business executives to flee the Egyptian pound as political protests continued. But the currency closed at 5.93 to the dollar, down about 1.3% since it was last traded on Jan. 27, Reuters said.

The Egyptian stock exchange remained closed Sunday. Officials said Saturday that they would announce the reopening date 48 hours beforehand.

-- Alexandra Zavis

Photo: People stand in the line to make withdrawals outside Cairo Bank in downtown Cairo February 6, 2011. Credit: Amr Abdallah Dalsh / Reuters.