Cairo – Mubasher: The Egyptian Exchange (EGX) decided to suspend trading of 43 stocks after they surpassed the specified price limits.
EGX) indices jumped higher on Thursday early trading following the Egyptian Central Bank (CBE) announcement of floating the Egyptian pound.
CBE float the pound; setting an initial rate of EGP13/USD (down 46% from the previous official rate of EGP8.88/USD), with a 10% band limit – letting banks determine the rate.
The CBE also raised the overnight deposit, lending and discount rates by 300bps to 14.75%, 15.75% and 15.25%, respectively.
