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Sunday, 23 June 2019

Egypt’s cabinet approves establishing new central clearing company

Cabinet econ group green lights new central clearing company for debt: The Madbouly Cabinet’s economic group approved on Friday establishing a new central clearing and depository company, according to a statement. The new entity is expected to handle all the clearing and registry of government debt issuances, as well as collect taxes from these issuances. It will have capital of EGP 100 mn, 60% of which will be put up by the CBE, with the Finance Ministry and Misr for Central Clearing, Depository and Registry (MCDR) each contributing 20%. The company comes as the government looks to breathe lift into the nation’s debt market, the cabinet said.

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