Egypt slashes stock market stamp duty to fight coronavirus effects

Egypt on Tuesday cut stamp duty on its stock exchange (EGX) transactions to be 1.25 Egyptian pounds ($0.079) per 1,000 pounds to ease the economic shortfall due to the coronavirus pandemic.

The move is part of measures to ease the economic impact of the flu-like virus on the country’s stock exchange, Egyptian Prime Minister Moustafa Madbouly said in a statement.

In June 2017, Egypt introduced a stamp duty of 1.25 pounds per 1,000 pounds then increased it to 1.50 pounds in 2018.