Egypt’s business digest Nov. 17: Egyptian Stock Exchange head elected to chair FEAS for the 2nd time in a row
Egyptian Exchange (EGX) Chairman Mohamed Omran - YOUM7

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Egyptian Stock Exchange head elected to chair FEAS for the 2nd time in a row

For the second time in a raw, Egyptian Stock Exchange Head Mohamed Omran was elected to occupy the position of the chairperson of the Federation of Euro-Asian Stock Exchanges (FEAS) on Thursday, Youm7 reported.

Omran won a total of 24 out of 29 votes of the members of the FEAS General Assembly; He expressed his happiness with FEAS’ great trust of the Egyptian Exchange’s efforts over the past two years when he was elected for the first time in the presidency of the FEAS.


Bourse stops trading on shares of 18 companies after exceeding 5-perecnt rise

Egypt’s bourse stopped trading on shares of 16 companies as they rose up by more than 5 percent for 30 minutes on Thursday, Toum7 reported.

On Wednesday, The Egyptian Exchange continued its upward trend at the close of Wednesday’s trading backed by purchase operations by investment funds and foreign institutions.

The main benchmark index EGX30 went up 3.35 percent to close at 10,997 points.

Similarly, the small and mid-cap index EGX70 added 2.21 percent to close at 428 points, while the broader index EGX100 moved higher by 2.13 percent to close at 1,010 points.

The market capitalization gained 13.7 billion EGP to close at 535.857 billion EGP during the closing session of Sunday.



Ministry of Finance gives CBE 8.4 mln EGP in coins for domestic market

Ministry of Finance announced that a total of 8.4 million EGP has recently been minted in the form of coins in the value of one pound 25 piasters; and they have been delivered to the Central Bank of Egypt to be offered in the local markets nationwide, Youm7 reported.

Head of the Egyptian Mint Authority Mohamed Gamal Al-Din al-Sobki said that the Ministry will import the raw material of metal needed to mint coins in value of one pound, 50 piasters, and 25 piasters, to ensure that the authority has enough stock for the domestic demand.


Banque Misr receives $100 mln in remittances since floatation of Egyptian pound

Since the Egyptian government has decided to float the value of the pound against the U.S. dollar on Nov. 3, Banque Misr has received a total of $100 million from the Egyptian expatriates’ remittances, Bank chairperson Mohamed El-Etribi told Youm7 Thursday.

After the devaluation decision, the bank has offered 15-perecnt investment certificates with duration of 3 years, Reuters reported.


Monetary Policy Committee meets to talk interest rates

Egyptian Monetary Policy Committee, chaired by the CBE governor Tareq Amer, will discuss the interest rates of lending and deposits on Thursday evening, Youm7 reported.


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