EGX chief hails CBE exchange rate decisions

Chairman of the Egyptian Exchange (EGX) Mohamed Omran hailed the policies adopted by the Central Bank of Egypt (CBE) to fix the flows in the exchange rate system in the past period.

The CBE decisions caused a sigh of relief in investor circles not just within EGX but at the level of the whole national economy, Omran said on the second day of the Government Business Dialogue Conference, organized by Al Mal GTM, a private sector think tank.

However, the decisions are not enough as economic decision-makers have to work with the monetary policy to make other decisions to raise economic growth by not less than five to six percent to create 900,000 jobs, he said.

The rise and fall of the market stocks are not an important element as what is most critical is the stock market’s ability to undertake its role as a funding platform along the banking sector, he added.

Despite the decline in EGX last year, it managed to fund companies with at least EGP 15 billion, he said