HSBC bank limits cash withdrawals as protests take off

[DJKeefy]

As large-scale protests grow across Cairo, HSBC Bank Egypt announces on Friday that it will temporarily limit daily cash withdrawals for debit, credit and ATM cardholding customers to LE3000 ($425).

Moreover, the bank announces that branches will close at 1pm on Sunday 30 June (Egypt's work week begins on Sunday) and limit cash deposits and withdrawals to LE500,000 per day, unless two working days' notice is given.

HSBC Kol Yom Money Market fund units redemption cut off-time will be 11am at HSBC branches or on Personal Internet Banking, said the bank.

The measures come as Cairo, Alexandria and other Egyptian cities are gripped by pro- and anti-government protests, ahead of planned Rebel Campaign demonstrations on Sunday 30 June, in which the opposition will demand snap presidential elections on the first anniversary of President's Morsi's accession.

Earlier this month, the Central Bank of Egypt (CBE) asked banks operating in Egypt to keep extra cash balances at their branches nationwide for at least five working days in order to prevent cash shortages in advance of the demonstrations.

In his address to the nation aired live on Wednesday night, President Morsi assured that banks would triple the cash available in their ATM machines throughout the protest period.

National Bank of Egypt Retail Director Hazem Hegazi told Al-Ahram's Arabic-language news website that the bank's 305 branches would remain open on 30 June.

"No branches will close their doors, even those located near Tahrir Square and the Presidential Palace," he said in reference to Cairo's two premier protest venues.

However, Hegazi added, branch managers "will have the authority to take any steps necessary to protect bank employees."

Egypt’s banks and stock exchange will be closed on Monday 1 July due to the end the 2012/13 fiscal year and the beginning of the 2013/14 fiscal year, and re-open on Tuesday.

Source: http://english.ahram.org.eg/News/75172.aspx

[Hafiz]

Triple the cash available from ATM's during the demonstrations/riots. Who was the smart boy in the class who came up with this 'no-brainer'?

Well, for those who previously weren't going to demonstrate you now have a large number of reasons for turning up and getting some of the benefits of the revolution for yourself. Fortune, or in this case several fortunes, smiles on the brave and to do the job properly and quickly you will need to borrow cousin Ahmed's forklift to make the quick 'withdraw' from the superstuffed ATM's. Some explosives will probably be useful but hell its a million man march and there's stuff all over the place.

I think its true that pillaging hasn't been frequent in Egypt over the past 2 years which probably says lots of good things about Egyptians in circumstances where we would be unlikely to behave as well.

[Zooropa]

I think its true that pillaging hasn't been frequent in Egypt over the past 2 years which probably says lots of good things about Egyptians in circumstances where we would be unlikely to behave as well.

Speak for yourself!!!

[Dusak]

I'm not surprised they have limited it. Wednesday afternoon it took me 30 minutes to get to the counter as Egyptians were withdrawing money out by the sack-load. They gave a sigh of relief I think when I said just two thousand Le please.

[Bombay]

HSBC Egypt restores normal cash withdrawal limits
Though the security situation remains uncertain, HSBC Egypt restores normal daily cash withdrawal limits after cutting them temporarily Friday

http://english.ahram.org.eg/NewsContent ... imits.aspx

[Chocolate Eclair]

Wonder what will happen to July's pensions, will they arrive to our Egyptian accounts?

[Brian Yare]

Over the past 2 or 3 years I have found that, except at the airport, it is not easy to withdraw more than LE2000 at an ATM.

That is why I am occasionally seen plugging several different cards into the hole-in-the-wall just before I leave Luxor - so that I can pay my hotel and driver.

The other big problem with the hole-in-the-wall is knowing whether it is the checking, debit or credit account that I wish to withdraw from. Only one of these works, and I spend so much time making mistakes that my boat back to the West Bank asks for extra money!

[Who2]

More importantly is our Tank-'katank unit back outside our bank looking after our cash during this brief period of democratic upheaval ?
If not the Army has decided either that it's not worth it, or that the toilets in the Novatel are not up to scratch,
They made themselves quite at home during the 25th January 2011 revaluation [sic] 'a good posting, I hear amongst the 2nd Battalion Ali Tank Regiment....