Cairo – Mubasher: The increase in interest rates may be in favour of the Egyptian Exchange (EGX) as a low-cost alternative for firms to implement expansion and investment plans, the interim chairman of the EGX Mohsen Adel said in a call broadcast on MBC Egypt.
The EGX’s plan for the next period will focus on achieving its main role as a funding platform, Adel said.
The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided to raise the interest rate by 2% or 200 points to reach 18.75% and 19.75% for deposit and overnight loans, respectively.
He referred to his meeting with Egypt’s minister of investment and international cooperation Sahar Nasr, where she affirmed the significant role played by initial public offerings (IPOs) in the EGX, which represents a key role in promoting the EGX abroad.
The EGX will work on developing the Egyptian economy by increasing the number of firms listed on the EGX, recovering the Nile Index, and reconstructing it, he added.
