By: Islam Fadl

Cairo – Mubasher: Banque Misr and the National Bank of Egypt (NBE) purchased stocks worth EGP 3 billion to support the Egyptian Exchange (EGX), the vice chairman of Banque Misr, Akef El-Maghraby, told Mubasher.

Each bank injected EGP 1.5 billion into a number of listed companies, he added but rejected to disclose the number or names of these companies.

This move is in line with the efforts exerted by state-run banks to boost the Egyptian economy, he noted.

It is noteworthy that the Central Bank of Egypt (CBE) decided to cut interest rates by 300 basis points in an emergency meeting in a bid to support the economy.