NBE, Banque Misr pump LE 3 billion to boost bourse: offical

CAIRO - 19 March 2020: The National Bank of Egypt (NBE) and Banque Misr will pump 3 billion pounds to boost the Egyptian Exchange through their investment funds, a banking official said Thursday.

Speaking to MENA, the official said the move comes as part of efforts to boost the Egyptian economy as the bourse has suffered deep losses over the past weeks over coronavirus concerns.

However, the Egyptian Exchange index upped earlier in the day by four percent, restoring 26 billion pounds of its losses over the past weeks.

Earlier in the week, the Central Bank of Egypt announced a package of procedures, including cutting the overnight deposit rate, the overnight lending rate, and the rate of the main operation in an emergency meeting by 300 basis points.

It also cut interest rate by three percent from 12.75 percent to 9.75 percent.