Dr. Mohamed Farid, Chairman of the Arab Federation of Exchanges (AFE) and Executive Chairman of The Egyptian Exchange (EGX), participated in the virtual conference of the Union of Arab Banks (UAB) & The Arab Federation of Exchanges (AFE) entitled “Central Banks Support to Financial Markets in the Coronavirus Pandemic”. The conference deliberates means of cooperation between participating parties to enhance stability of trading in Arab capital markets.
In his opening speech, Dr. Mohamed Farid said that maintaining the stability of trading during crises is one of the main goals and even achievements that leaders of Arab capital markets seek, sending a message of confidence and reassurance to investors that the impact of this crises is temporary and will decrease over time.
He continued, “The leaders of Arab exchanges showed great flexibility and perseverance in dealing with this turmoil in their markets during the last period. This crises revealed the strength and solidity of these Arab capital markets that continued to work in a stable manner.”
Farid stated that during the pandemic, the Egyptian capital market witnessed the rigorous efforts of the government and the banking sector represented by the Central Bank of Egypt (CBE), regulators and the management of EGX, in taking necessary measures needed for the continuity of work at the exchange and to maintain as much stability as possible, taking into account the procedures and measures enforced by the government.
He added that The Central Bank of Egypt’s (CBE) decisions contributed significantly to the stability of the market, in addition to the decision of President of The Arab Republic of Egypt to inject EGP 20 billion pounds to the Egyptian Capital Market instilling a message of confidence to foreign investors. Also The National Bank of Egypt and Bank Mist announced investing EGP 3 billion. Other significant decisions were executed through EGX’s management i.e. facilitating procedures of treasury shares trading, as well as the technological developments on all fronts to ensure remote business continuity.
The conference witnessed participation of leaders of the Arab Financial Sector and international entities with the participation of Sheikh Mohammed Al-Jarrah Al Sabah, Chairman of the Union of Arab Banks, Dr. Joseph Tarabeh, Chairman of the World Union of Arab Bankers, Mr. Hubertus Vath, Managing Director of The Frankfurt Main Finance, Dr. Jihad Al Wazir, Assistant Director- Monetary & Capital Markets Dept., International Monetary Fund and Rami Al-Dakani, Secretary General of the Arab Federation of Exchanges.