Egyptian banks were bracing for a $8 billion capital outflow yesterday and early news reports pointed to lines of hundreds outside banks.
Turns out the bank run wasn’t nearly that bad. The head of Egypt’s largest bank, Commercial International Bank Egypt, said capital outflows were just a fifth of his forecasts.
Hisham Ezz al Arab told The National: “The most difficult time is the first day. But [Sunday] the capital outflows were not even 20 per cent of the estimates we had for when banks re-opened… The amount was minimal compared with our expectations.”
Today things look even better: “[Monday] people were getting back to business. A lot of things have changed forever in this country in a positive way, but life has to go on.”
That’s certainly a bullish indicator for the Cairo Stock Exchange, which opens tomorrow.
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