Egypt: Banks, bourse to stay closed
The Egyptian Stock Exchange will be closed on Monday for the second consecutive day because of the ongoing political developments in Egypt. According to Reuters, an official source said that the decision is applicable for tomorrow, and further decisions would be taken on a day by day basis due to the circumstances.
Egypt Stock Exchange did not open its doors Sunday. Last week, the stock market suffered sharp losses which amounted to some US$ 12 billion in just two sessions.
Market sources expect the trading will not be resumed until the formation of a new government and the identity of the new investment minister.
In the same context, the Deputy Governor of Egypt Central Bank, Hisham Ramez conveyed the banks will continue to be closed Monday for a second day in a row.