Egypt has introduced a draft bill setting the stamp duty on each block of EGP1,000 transactions on the local financial market to EGP1.5, Reuters indicated citing an official release.
In June 2017, the country set an EGP1.25 stamp duty per EGP1,000 transactions in the local market. This stamp duty was expected to rise to EGP1.5 in the following fiscal year and to EGP1.75 in the third fiscal year to start on June 1, 2019.
According to the finance ministry, the amendment to the initial law is aimed at reducing the financial pressure on traders and boost transactions on the Egyptian Exchange. The EGX30 rose by 1.58%, ending a series of three consecutive losses but, it is hard to say whether the rise is due to the bill.
The rise is also the most important since January 27, 2019, according to data compiled by Ecofin Agency. The other indexes are also in the green including the EGX100 that rose by 3.38%.
Idriss Linge
Except for Tunisia entering the Top 10 at Libya’s expense, and Morocco moving up to sixth ahead of A...
African startup M&A hits record 67 deals in 2025 Consolidation driven by funding pressures and ex...
Urban employment reached 53.7% in WAEMU in early 2025 Most jobs remain informal, low-paid, and in...
CBE introduced CBE Connect in partnership with fintech StarPay. The platform enables cross-border...
Moniepoint, Opay, Kuda, and others gain national status with tighter oversight A naira 5 billion ...
Nigerian sugar regulator partners governors’ forum to attract domestic and foreign investment Deal prioritises investor-ready sugar projects, land...
After two difficult years, funding for African tech is recovering, but the landscape has changed, with more debt, less exuberance, and a market that is...
The African Union and the United Kingdom agreed to hold a high-level strategic meeting in London in early 2026. AU Commission President Mahamoud...
Eramet ended the mandate of CEO Paulo Castellari and appointed Chair Christel Bories as interim chief executive. The board cited differences over...
Manovo-Gounda-St Floris National Park is one of the largest protected areas in Central Africa. Located in the northeastern part of the Central African...
Streaming dominates music, reshaping royalties and artist income worldwide Sub-Saharan Africa grows fast, but payouts stay far lower Platform, region,...