The working group includes representatives from each of the Central Bank, the Egyptian Stock Exchange, the Egypt Central Clearing, Depository and Registry Company, the Federation of Egyptian Banks, the Egyptian Insurance Union, a representative of investment banks and the European Bank for Reconstruction and Development (EBRD).
This should make life easier for consumers who want to secure their needs of the new products, said FRA chairman Mohamed Omran in a statement Tuesday.
Nano finance is thus one way of supporting certain segments of society, such as women and youth, to become a productive social power, Omran said in a statement Sunday.
FRA included the amounts invested in treasury bills and government bonds within its budget under the income item, which resulted in the volume of its budget for the fiscal year 2021/2020 to reach a total amount of LE 1.054 billion.
The stress test is an analysis or simulation designed to determine the ability of a given financial instrument or financial institution to deal with an economic crisis.
Chairman of the authority Mohamed Omran said services charges on trading in listed bonds will be reduced to be 5 per 100,000 with a maximum limit of 250 pounds.
Cairo 3A’s MTO includes the purchase of up to 50.077 million shares, which represents 100 percent of the shares of the Egyptian starch and glucose capital, at a price of LE 8.61 per share.
The issuance is made through a deal of Ijara Sukuk that is compatible with the provisions of Islamic Sharia; it is a negotiable and expedited payment and is not transferable into shares with a maturity of 5 years.
No additional fees or fines will be imposed by the FRA over the delay of payments, Omran added.
The Financial Regulatory Authority (FRA) welcomed Saturday President Abdel Fattah El Sisi’s decision to issue consumer financing law.
Omran said that this precautionary measure is taken in line with the state measures to curb the spread of coronavirus.
The FRA chairman asked listed companies on the Egyptian Exchange and companies operating in the non-banking financial activities to adhere to the remote voting of shareholders.
Those who have complaints can send them to the authority via email "Complaints@fra.gov.eg", he said.
Chairman of FRA Mohamed Omran asked listed companies on the Egyptian Exchange and companies operating in the field of non-banking financial activities, to adhere to preparing a system for remote voting by shareholders.
FRA agreed to amend some provisions of Article 51 of the rules for listing and writing off securities on the stock exchange for dealing in treasury shares.
This proposal was adopted by the Egyptian Financial Regulatory Authority (FRA).
Omran said the value of securities issued at primary market stood at over LE 220 billion.
This comes as the first application of Resolution No. 172 for 2018 which put a regulatory framework for the rules for issuance of short-term debt instruments.
He expressed satisfaction over the development in non-banking activities, noting the noticeable rise in the value of issued securities to exceed LE 1 trillion.
Omran added that the authority offers a 50-percent discount on examining and studying green bond issuance to encourage organizations and investors to invest in it.