The Central Bank of Egypt (CBE) announced that all banks operating in Egypt are closed on Wednesday, January 1, due to the end of the fiscal year.
This decision comes within the annual arrangements that banks take at the end of each fiscal year to ensure that financial and accounting transactions are completed correctly, in preparation for the new fiscal year.
Impact on customers
The CBE clarified in a statement that banks will stop providing their services to customers on this day, which means that financial transactions such as bank transfers, deposits, and withdrawals through the bank will be suspended.
This suspension includes all banks operating in Egypt, whether they are government or private banks or branches of foreign banks.
Accordingly, the CBE recommends that customers plan their financial transactions in advance to avoid any delays or problems that may occur as a result of the temporary suspension.
Work resumes on Thursday
Banks resume work on Thursday, January 2, once again receiving customers and providing their services normally.
Work on Thursday will begin as per the usual official working hours, which is at 8:30 am in most banks.
Reasons for the break
This decision is important for banks and their employees, as financial settlements and accounting reviews are completed at the end of the fiscal year, which contributes to the preparation of financial reports for the year ending.
This stoppage also gives banks the opportunity to make updates to their internal systems.
Edited translation from Al-Masry Al-Youm
