Banks off for 4 days on Eid El-Adha: CBE

Tue, Aug. 14, 2018
CAIRO – 14 August 2018: The Central Bank of Egypt (CBE) announced that banks will be off for four days on the occasion of Eid El-Adha, starting from Monday, August 20 to Thursday, August 23.

CBE added in a statement that work will resume on Sunday, August 26, noting that Friday and Saturday are the weekend of banks operating in Egypt.

Eid El-Adha is also called the "Feast of Sacrifice", and is the second of two Islamic holidays celebrated worldwide each year.

It honors the willingness of Ibrahim (Abraham) to sacrifice his son as an act of obedience to God’s command. Before Abraham sacrificed his son, God provided a male goat to sacrifice instead. In commemoration of this, an animal is sacrificed and divided into three parts: one third of the animal is given to the poor and needy, the second is given to relatives, friends and neighbors; and the remaining one third is retained by the family.

The last holiday for banks was on July 23, on the occasion of July 23 revolution, and work resumed on July 24.

On Monday, the Central Bank of Egypt (CBE) signed a memorandum of understanding (MoU) with the Central Bank of Yemen to boost cooperation in the banking sector, particularly in the field of skills exchange and training of workers in the sector, following talks between the presidents of both countries in Cairo.

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