Despairing shopkeepers have said the continued bank closures across Egypt are beginning to hit their businesses hard. In addition to the government's internet clampdown, which ground web traffic to a halt until restrictions were lifted this morning [Wednesday], Egypt's cash flow crisis has brought even more woe to the nation's businesses. Banks first lowered their shutters following the street clashes last Friday, while huge amounts of cash were taken from ATMs after looters ransacked machines. Now businesses have told Al Masry Al Youm that the financial restrictions are beginning to take their toll. "It effects everything," said Ramon Fawzy, an accountant at Nani Men's Fashion in Talaat Harb Street. "It's like a circle, because everybody has deals with everyone else. If people cannot get money from the banks then they cannot come here and buy." He said that under normal circumstances he would make LE3000 (US$500) per day. Since Friday he has been earning only a third of that. He added: "Who will come and buy clothes when they cannot take money from the banks? They are trying to secure money for food." Mohamed Hilal, a chef from the nearby Elysee Palace restaurant, agreed. "People are not buying because they cannot get money from the banks," the 30-year-old said. He added that the wage bill for his kitchen staff was about LE1000 (US$170) every month, but that because the banks were closed the workers could not take their salary. "There are other problems. There are shortages of food because of the curfew and the streets between provinces being closed. There are also street thugs and they are stealing any cars trying to transport food." According to Colin Rogers, CEO of the International Language Institute in Cairo, his company has not been too badly affected because it extracted large sums of money in anticipation of the marches last week. Nevertheless he said the banking problems have affected all aspects of his company's operations. "We're glad we're still here and functioning and I suppose some time this week we'll sit down and ask ourselves how long we can survive. That's the big worry at the moment. "We cannot go on another week without cash. Every business needs money. We cannot even write cheques when the banks are closed. It's not worth the paper it's written on." There are other financial problems too. Hany al-Komaty, the manager of a souvenir shop in Mahmoud Bey Basyoony Street, said his shares have vanished after the Egyptian stock market took a dive. He put LE45,000 (US$7,500) into Egypt's Kabo clothes and textiles brand, but saw its value plummet once protests began to grip the nation's streets. "I have lost everything because of the problems," he said. "I supported the protesters until yesterday [Tuesday]. I want change. But now I don't support the demonstrations because the president has agreed to everything and says he will not run again in September."
