Banks in Egypt re-open

Banks across Egypt have reopened after an almost weeklong closure triggered by massive strikes and protests in public sector financial institutions.

Egyptian lined up early Sunday morning, waiting for their first chance to conduct their business since the banks closed a week earlier on order from the Central Bank.

Labor unrest that surged exponentially in the days after the popular uprising that unseated Hosni Mubarak on Feb. 12 have battered an already bruised Egyptian economy.

The banks’ closure, however, added a new layer to the troubles, with bankers and economists concerned that it would further undercut investor confidence in the country.

The government estimates Egypt lost about $1.7 billion in revenue, over half of which was in the vital tourism sector.

Source: AP