Cairo – Mubasher: The Egyptian Exchange’s (EGX) board on Sunday allowed the transfer of global depositary receipt (GDR) sales proceeds abroad to Egypt in US dollars.
In conjunction with the foreign exchange issue, the EGX stated that if Egyptian customers transferred shares purchased from the EGX to GDRs and sold them outside Egypt, the local custodian is obliged to transfer the proceeds from the sale of these certificates to the client's account in one of the banks supervised by the Central Bank of Egypt (CBE).
It also stated that the value will be transferred to the client's account in the same currency of the issuance of the local capital.
The decision will be passed to the Egyptian Financial Supervisory Authority (EFSA) for ratification.
