Egypt’s Central Bank Launches Fund to Support EGX

This comes in reaction to EGX 30's sharp decline of 6.4% during the last six sessions.
Egypt’s Central Bank Launches Fund to Support EGX

Following the Egyptian Stock Market’s dip in the past few weeks, the Central Bank of Egypt (CBE) and the Financial Regulatory Authority (FRA) have joined forces to establish a fund to finance financial intermediation companies.

This joint endowment wants to hit several bird with one bird. It aims to increase the volume of liquidity in the EGX and encourage new investors, while in the meantime increase the solvency and financial capacity of current investors.

FRA Chairperson Mohamed Omran said that the CBE is always working to support and sustain the markets, and that there is increasing interest in the stock market’s role in supporting the Egyptian government’s economic development plans.

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