Egypt’s CBE concludes money market development project phase III

Egypt’s central bank has successfully completed, in coordination of the ministry of Finance, the Egyptian Exchange (EGX), and the Financial Regulatory Authority (FRA), the third phase of modernising the mechanism of the primary stock market of government stocks, the bank said in a statement.

The CBE also updated the secondary stock market operations and transferred the activities of depositing and settlement of the Egyptian treasury bills and bonds to the Egyptian Central Securities Depository (ECSD), the statement read adding that the new system will be implemented on the 24th of September. 

The statement also pointed out the move would boost up the efficiency of handling government debt and would assist in keeping up with global standards, moreover it would attract new types of investors. This upgrade would also open the door to a more competitive environment for a fair and transparent pricing of government stocks.