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"Removing key contributors to the money market will do no good.
The biggest money market manager in Egypt - and which stands to lose the most from the new limit - is Beltone Capital , which had 32 billion pounds under management at the end of 2012, almost all of which was in money market or fixed income funds.
What's bad news for people running money market and TIPS funds could be good news for the rest of us.
However, in 2008 one of the largest money market fund managers at the time, Reserve Primary Fund, saw its NAV dip under $1 after it invested in debt held by the now-defunct Lehman Brothers Holdings Inc, leading to investors pulling their money out.
The issue of money market fund reform "is too important to investors, to our economy and to taxpayers to put our head in the sand and wish it away," Schapiro said.
With regard to the accounting implications of a floating NAV, Fox explained, "Most treasury workstations built for managing corporate cash do not have accounting systems to track NAVs on each transfer into and out of money market funds.
EFG Hermes Asset Management currently manages five money market funds in Egypt, with Credit Agricole, Bank of Alexandria, National Societe Generale, Bank Audi, and Arab Investment Bank as sponsoring banks.
* Consider opening up a money market account where you have a checking account.
His remarks followed US officials' rush to shore up ailing money markets after signs this long-safe corner of financial markets, home to EUR3.5 trillion of deposits, was at risk of falling victim to the year-old credit crunch and bring the crisis to Main Street.
But the environment surrounding money markets has been rapidly changing due to the globalization of the economy and innovations in financial and information technology sectors, he said.
With low minimum opening deposits ($1,000 for a CD and $500 for a Money Market Account), a variety of CD terms from 6 to 60 months, and the safety of FDIC Insurance up to $100,000 per depositor, you can find the saving options that are right for you and your budget.