Once Bank Misr Reopened in February People Queued For Hours To Collect Their Money.
This is a queue outside Bank Misr in Luxor taken on the day it reopened on 6th February after a ten day closure.
Bank Misr had a branch in every major Egyptian town and its failure to reopen after the first weekend of mass protests came as a massive shock to investors and public alike.
Banks across the country, fearing a run on their balances, had closed from the evening of 27th January. The resuliting shortage of cash made both business and ordinary life extremely difficult.
However, they could not be reopened until the Central Bank of Egypt could ensure there was sufficient cash to meet demand and until it declared it would guarantee bank deposits to prevent panic.
In the meantime the country's sovereign and bank ratings were downgraded. Moody's cut its' ratings for five banks including Bank Misr, Commercial International Bank, National Bank of Egypt, Banque du Caire and Bank of Alexandria. And another blow to investor confidence came when Fitch cut its' BB+ sovereign rating for Egypt to negative.