Thursday, 3 February 2011

Egypt bank closures cut off vital Gulf remittances

DUBAI, Feb 1 (Reuters) - The closure of Egyptian banks has prevented Gulf-based Egyptians, who make up the bulk of the population living abroad, from sending vital remittances back to the North African country, exchange operators said on Tuesday.

Egypt, racked by political unrest as demonstrators bid to end President Hosni Mubarak's 30-year rule, is heavily reliant on funds from its citizens abroad.

The World Bank estimates about $7.6 billion was remitted to Egypt in 2010. 

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