Egypt's central bank said it would limit cash withdrawals by individuals but allow unlimited transfers abroad when banks reopen on Sunday after a week-long closure caused by the country's political protests, Reuters reported. Deputy Governor Hisham Ramez said the central bank's $36 billion in reserves were adequate to cover withdrawals and transfers. "There is no problem. We will be able to honour all transactions," he said by telephone on Thursday. Ramez dismissed concerns that the pound might weaken sharply. "This is not true. We don't comment on currency matters, but this will not happen," he said. Only selected branches in Cairo and major provincial cities would be open and the operating hours will be restricted to between 10:00 a.m. and 1:30 p.m. local time, he said. The remaining branches and currency exchange shops would reopen gradually as soon as possible. -- SPA
