The Central Bank of Egypt (CBE) completed the third phase of developing the mechanism for first market issuances of government securities, as well as modernizing the mechanism for implementing and settling secondary market operations, and transferring the activity of depositing and settling Egyptian treasury bills and bonds to the Misr for Central Clearing, Depository and Registry (MCDR).
This came on Sunday in coordination with the Ministry of Finance, the Egyptian Stock Exchange (EGX), the Financial Regulatory Authority (FRA) and the banks operating in the market.
According to a statement by the bank, these procedures contribute to developing, revitalizing and raising the efficiency of dealing with government debt instruments “Egyptian treasury bills and bonds” to keep pace with international standards and practices in this regard, which helps attract new segments of traders in the local and foreign financial markets and creates a competitive environment to fair pricing of government securities.
In this context, the project work teams contributed effectively to preparing the technical rules and infrastructure foundations for the development and integration of these systems with the assistance of the European Bank for Reconstruction and Development (EBRD).
The alliance have also updated their technological infrastructure systems by adding new mechanisms and features for implementing and settling primary market issues, secondary market operations, and depositing Egyptian treasury bills and bonds, including linking these parties with all traders in government debt instruments to achieve the objectives of macroeconomic policy.