A number of banks and downtown foreign exchange service companies in Tahrir, Bab al-Luk squares and Mohamed Mahmoud Street, leading to the Interior Ministry, have closed their doors since early morning Tuesday in anticipation of looting and vandalism, banking sources said.
Some banks have shut their doors since Monday, after events escalated between protestors and security forces, the sources added.
Board of the National Bank for Development (NBD) has decided to close its branches in Omar Makram and Bab al-Luk and shortened working hours in the other branches to 1 pm, bank sources said.
The sources added that any branch will be closed immediately in case of riots or vandalism and managers have been given authority to act independently as the security situation develops.
The Bab al-Luk branch of the National Societe Generale Bank has been closed for fear of riots, a bank official said.
Money exchange companies have closed their doors in the same area.
“Around 40 companies downtown have decided to close their doors,” Mohamed El-Abyad, head of the Foreign Exchange Division said.
The dollar has gone up to LE6.02, Tuesday, two piasters higher than it was on Monday, due to banks’ failure to provide dollars.
Banks raised signs saying “dollar unavailable until further notice.” The rise of the dollar against the Egyptian pound has affected its price against other currencies, Abyad said. The Euro went up 1.5 piasters to LE8.1 for buying and LE8.14 for selling, while the Saudi riyal went up.05 piasters to reach LE1.59 for buying and LE1.60 for selling.
