CAIRO: Egypt’s Commercial International Bank transfers abroad were significantly below its forecasts, around 25 percent of the bank’s expectations, the chairman of CIB said on Tuesday, without giving any figures.
Analysts had expected significant transfers of capital by investors from Egyptian banks after they reopened following political turmoil that led to the toppling of president Hosni Mubarak.
"The transfers abroad were way below our forecasts and expectations. They were only around 25 percent of our early estimates," Chairman Hisham Ezz El Arab told Reuters.
