Egyptian Exchange Posted
The Egyptian Prime Minister, Dr. Mustafa Madbouli, held a meeting with Dr. Mohamed Farid Saleh, Executive Chairman of The Egyptian Exchange (EGX), today to discuss EGX’s performance in 2020.
During the meeting, Dr. Madbouly stated that the Egyptian government is exerting all efforts to support the reform plans, especially the efforts to overcome the negative repercussions of the pandemic, specifically the development of the performance of EGX and its management’s efforts to maintain the stability of its trading.
Dr. Mohamed Farid reviewed the performance of EGX in 2020, stating that it was an exceptional year affecting all economic indicators worldwide, stressing that despite these exceptional challenges, EGX continued its development program, namely; The activation of the SME market restructuring plan, the establishment of the Egyptian Mercantile Exchange, and working on establishing the derivatives market.
He added that priority was given to ensure continuity of business, to strive to take the necessary measures to stabilize trades, as well as to work in parallel to complete the reform plans. This was clearly reflected through the measures taken for the stability of market; development of the electronic voting system “E-Magles”, integrating all decisions with the governmental decisions to ensure the stability of trading, as well as the reform on all aspects of the value chain.
He said that the COVID-19 effect impacted economies globally, particularly the movement of international trade and the flow of investments, according to international reports, but these reports praised the performance of the Egyptian economy and its efficient way of performance during this hard time, stressing that this reflects the extent of confidence in the effectiveness and balance of economic and financial policies of the Egyptian government.