PM issues package of decisions to activate bourse

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Thu, 07 May 2020 - 11:43 GMT

FILE - Employees in the EGX following performance of the trading session on December 12, 2017

FILE - Employees in the EGX following performance of the trading session on December 12, 2017

CAIRO - 7 May 2020: Prime Minister Moustafa Madbouli issued a package of decisions to activate the bourse and boost capital market growth rate with an aim to encourage investment and create a competitive business environment in comparison with global and regional markets.

In a statement on Thursday, Mohammed Omran, Chairman of the Financial Regulatory Authority, said the premier's decisions would expedite the issuance of an executive decision on reducing services charges on trading operations.

Omran noted that the premier's decisions called for a 20 percent reduction in clearing and settlement operations to be 10 per 100,000 instead of 12.5 per 100,000.

Under the premier's decisions, the fees of investor protection fund (IPF) were reduced by 50 percent to be 5 per 100,000 instead of 1 per ten thousand. Also, services charges on trading in listed bonds will be reduced by 50 percent.

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