Egypt - The Central Bank of Egypt (CBE) announced on Monday that it has completed the third phase of the Egyptian Money Market Development project, which aims to improve the efficiency and transparency of trading and settlement of government securities.

The project, which was coordinated with the Ministry of Finance, the Egyptian Exchange, the Financial Regulatory Authority, and the banks operating in Egypt, involved modernizing the technological infrastructure and introducing new mechanisms for the primary issuance and secondary market operations of treasury bills and bonds. The project also transferred the central depository and settlement activities of these instruments to the Egyptian Central Securities Depository Company (ECSD), which was established for this purpose, starting on 24 September 2023.

The CBE said that this achievement will help to attract new types of investors from local and foreign financial markets and foster a competitive environment that achieves fair and transparent pricing of the instruments. The project was supported by the European Bank for Reconstruction and Development (EBRD).

The CBE added that it will continue to follow up on the developments in the international markets to advance and modernize the government securities ecosystem, in line with the state’s macroeconomic goals.

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