Wednesday, 2 February 2011

pyramid scheme

Egypt central bank says banks liquid for Sunday reopening

CAIRO, Feb 2 (Reuters) - Egypt's central bank reassured investors that the country's banks will have enough funds to deal with a possible run when they reopen on Sunday after a week-long closure caused by anti-government protests.

Bankers have warned that investors and Egyptians, spooked by protests that have closed down much of the economy since they broke out on Jan. 25, will seek to send funds abroad or convert them into cash.

"We are expecting that transfers out of the country and dollarisation will be unprecedented," said a treasury dealer at a medium sized bank in Cairo.

"Bank runs are the major concern -- whether the banks will have enough cash in their branches to pay depositors. You should expect long queues," he said.

4 comments:

Indian T.v Serials said...

write. A prophet when performing miracles is usually possessed by an external force; this limits the prophet’s ability to write objectively. Imagine that an external power is in control of a person’s mouth, would the person be able to write intelligently? For this reason a prophet can speak eloquently, but a prophet cannot write effectively. A prophet can perform a miracle for a moment, but the writings of a scribe can form a religion and change the beliefs of a people for thousands of years.

Indian T.v Serials

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Melbourne Carpet said...

if not all pyramid schemes are a controversial one-sided and one-way financial deluge that places the later or tail-end participants at so much disadvantage. Huge cash demands/withdrawals by the first sets of members can drain cash resources of smaller banks. As demand grows when the benefits reach the next-in-line reapers, the effect could be overwhelming even on the national level. Thanks for posting this.

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