Employees of a number of Egyptian banks held sit-ins Wednesday to call for better living and financial conditions and administrative reforms, a move which could cause the Egyptian stock market to remain closed.
Egyptian stock market (EGX) officials had said the market would not reopen until banks start working regularly.
The EGX has been closed since 30 January following massive protests that led to the ouster of President Hosni Mubarak. The massive protests caused the stock market to drop 16 percent and led to a loss of around LE70 billion in the market’s last two trading sessions.
Sporadic bank employee protests have prompted closures and increased fears that the banking sector is too unstable for the stock market to reopen.
Employees of the United Bank, the Bank for Development and Agricultural Credit, and the Misr-Iran Development Bank participated in the sit-in.
Some said their administrative teams have ignored their demands and formed delegations of trade union representatives–who protesters say meet the approval of the boards of directors, but do not express employees' demands–to meet with Central Bank of Egypt officials.
Around 700 employees from the United Bank staged a sit-in to call for better compensation and accused their president of procrastination and refusal to respond to their demands.
Employees from several branches of the Bank for Development and Agricultural Credit protested today at the bank's headquarters on downtown Qasr al-Aini Street to press their demands.
One of the protesting employees from the Misr-Iran Development Bank called for higher pay and for setting regulations for medical insurance.
