Egyptian Prime Minister discusses capital market updates with EGX Chairman

Egyptian Exchange Posted

Dr. Mustafa Madbouli, Egyptian Prime Minister and Dr. Mohamed Farid, Executive Chairman of The Egyptian Exchange, held a meeting to discuss measures taken for the sustainable development of the Egyptian capital market in light of the current state of the Coronavirus pandemic.

During the meeting, EGX Executive Chairman reviewed measures during the pandemic among which is the reduction of stamp duty for resident investors to .5/1000 from 1.5/1000 and adjournment of the capital gains tax.  Another measure taken was the President’s initiative to support trading and stability of the Egyptian capital market through the Central Bank of Egypt.  Other actions taken by the Financial Regulatory Authority and The Egyptian Exchange included reducing purchase process of Treasury stocks, remote access to the Egyptian market, and the E-voting system enabling companies to conduct their board meetings and General Assembly activities while applying social distancing.

Developments for the establishment of the Egyptian Mercantile Exchange done in collaboration with the Ministry of Supply and Internal Trade were discussed.  It was noted that the legislative framework for the Mercantile Exchange was finalized to be presented to the parliament upon completion.

During the meeting they discussed establishment of a regulated derivatives market, expanding the capital market awareness programs with the Ministry of Culture with the possibility of including investments of university students in the stock market and study legislative amendments requested enabling them to invest.