Egypt bourse sees 14 new IPOs and listings soon: chief

Big 5

Egypt’s stock exchange is expecting 14 new listings and initial public offerings in the upcoming period, the bourse’s chief Mohamed Omran announced Tuesday.

The current phase is witnessing positive changes in favour of the Egyptian capital market notably after the central bank’s announcement to adopt a more flexible exchange rate policy, Omran added.

Earlier this month, the Central Bank of Egypt has decided to follow a more flexible policy with regard to the exchange rate, aiming to resolve distortions in the exchange rate system and restore the circulation of foreign currency inside the banking system in an orderly way.