Financial Regulator Says Investment Funds Can Invest In Suez Canal Certificates

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Egypt’s financial regulator chairman Sherif Samy responded to enquiries from a number of investment funds regarding their ability to invest part of their money to buy Suez Canal investment Certificates, saying that deliberation with the central bank showed that dealing in those certificates is like dealing with bank’s deposit certificates.

Funds with investment policy that includes the ability to invest in deposit certificates in its statute or prospectus can invest in accordance to that article within the specified limits and taking into account the maturity of certificates and inability to divest during the first year, Samy revealed.

Investment funds with a statute or prospectus specifying the ability to invest in bank deposit certificates should make amendments before being able to buy Suez Canal investment certificates.

Source: AlMasry Alyoum & Arab Finance