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Egypt fears run on its banks as it imposes limit on amount people can withdraw

Published: December 27, 2012
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Source: Daily Mail

Egypt has imposed a limit on the amount of money people can take out of the country, amid fears of an impending run on the banks.

The move to ban leaving with more than £6,000 came as thousands of Egyptians withdrew savings from banks to hoard cash at home.

Anxiety about a deepening political and economic crisis has gripped the country in past weeks, with many people rushing to buy dollars and take out their savings from banks.

..

The panic came as the country’s new president, Mohammed Morsi, called for ‘unity’ after a referendum approved a controversial constitution which gave him and islamist allies more powers.

The new charter, which the secularist opposition says betrays Egypt’s 2011 revolution by dangerously mixing religion and politics, has polarised the Arab world’s most populous nation and prompted occasionally violent protest on the streets.

Related:
Adding insult to injury: S&P downgrade Egyptian banks
Worried Egypt slaps new controls on travelling with cash

Egypt central bank
governor resigns

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