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Tuesday, 1 August 2017

EGX, EFSA move to remove FX restrictions on GDR sales

EGX, EFSA are moving to eliminate FX restrictions on GDR sales: The EGX’s newly constituted board of directors approved on Sunday the removal of restrictions that force the proceeds of global depository receipt sales be converted to EGP before being distributed to beneficiaries, according to Al Borsa. Egyptian Financial Supervisory Authority (EFSA) head Sherif Samy said on Sunday that EFSA’s board will be removing the restrictions “in the coming days.” The regulations were put in place back in 2012 and tightened in 2015 at the height of the FX crunch. Meanwhile, the EGX has reportedly formed its new listing committee, according to Al Mal.

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