BLOOMBERG/Shawn Baldwinby Kudakwashe Muzoriwa
The Egyptian Financial Regulatory Authority (FRA) said that it had approved lowering stock exchange trading fees to encourage investment and competitiveness with other regional markets and the decision will now be sent to the cabinet for final approval.
The regulator approved cutting trading service fees to 0.005 per cent from 0.00625 per cent, clearing and settlement fees to 0.0100 per cent from 0.0125 per cent and stock market commissions to 0.0100 per cent from 0.0120 per cent.
The Egyptian government plans to sell shares in some 23 state-owned companies on the stock exchange, as part of a plan to raise EGP 80 billion ($4.93 billion) by selling minority stakes at the local stock market.
The programme has been repeatedly delayed due to unfavourable market conditions in the emerging markets last year, reported Reuters.