Cairo – Mubasher: Egypt's government has started to proceed the steps required to activate the secondary market for government bonds to trade on the Egyptian Stock Exchange (EGX), finance minister Mohamed Maait said.

Maait noted that Egypt’s finance ministry is currently in negotiations with the Central Bank of Egypt (CBE) for this step to come into effect, according to Enterprise.

The minister has not yet determined a specific timing for the government bonds to trade on the Egyptian bourse, but the CBE welcomed this step which will enhance reducing interest on government bonds.

“Expects bond sales on the EGX to begin in the current fiscal year, but did not give any indication as to when. The government firmly intends to only sell long-term bonds as part of its plan to rely on long-term debt. It will not be selling short-term treasuries on the stock market,” Enterprise reported, citing Maait