On Sunday, trading in Treasury bills initiated on the secondary market of the Egyptian Exchange (EGX), recording transactions worth approximately EGP 33.8 billion across 109 deals.
The EGX noted that this launch represents a substantial milestone and is poised to positively impact Egypt's financial markets, reinforcing its role as a regional investment hub.
This commencement signals a new phase in the ongoing development of the securities market, aligning with the Egyptian Exchange's strategic objectives aimed at serving the national economy.
This progress is the result of extensive collaboration over recent months between the Central Bank of Egypt (CBE), the Ministry of Finance, the Financial Regulatory Authority (FRA), and the Egyptian Central Depository and Registry Company for Government Securities. The project's inception aims to invigorate trading in the government debt instruments market, in accordance with governing legislative and regulatory frameworks.
Ahmed El Sheikh, Head of the EGX, expressed that this milestone is the culmination of continuous efforts by the Exchange's team. The GFIT trading system, independently developed by the EGX's IT team, is now equipped to execute Treasury bill transactions. This expansion became feasible by incorporating new features that align with the inherent nature and rules of Treasury bill trading. Moreover, the system has been integrated with Egyptian banks, encompassing both major and non-major participants, to enhance their capabilities in trading government debt instruments on the secondary market.
El Sheikh emphasized, "Trading in Treasury bills through the EGX is set to stimulate demand, streamline trading operations, and provide additional incentives for investors."
In anticipation of the launch of Treasury bill trading, the EGX's management conducted a series of workshops and training sessions for trading participants in recent weeks. These sessions witnessed the participation of representatives from around 35 banks, comprising both major and non-major players active in government financial instruments.