Egypt's banks remain closed for third day

12:08, 01 February 2011
World
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Egyptian banking system...

The Egyptian banking system remains paralyzed for a third day by large-scale protests rocking the country.

If the weekend days of Friday and Saturday are included, then Egyptians have now gone five days without being able to withdraw cash, according to RIA Novosti.

The Central Bank of Egypt is not allowing state or commercial banks to open their branches across the country for fear that they may be looted.

The majority of ATM machines are already empty of cash, and exchange points are also out of money. The Egyptian pound has fallen in value, but has not collapsed.

As a result of the chaos, Egyptians cannot get state benefits. The state is promising to resume payments as soon as the banking system is running again.

Egypt has been engulfed in violent protests against the 30-year rule of President Hosni Mubarak since January 25. The riots that swept through Cairo, Alexandria, Suez and other Egyptian cities have already claimed the lives of about 150 people, with another 4,000 reported injured.

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