Government at final stage of economic legal reforms

The government is finalizing reform of the legal system for economic activities to make it more compatible with a liberal economy.

Chairman of the National Democratic Party (NDP) Economic Committee, Dr. Mahmoud MohyEddin made this statement at the concluding session of the annual model stock exchange seminar held at Cairo University on Sunday night.

"Amongst the new legislation is a draft law for the capital markets, which aims to develop and activate the stock market and protect the rights of small shareholders," he added.

Dr. MohyEddin also referred to the new banking law currently under discussion at the People's Assembly (PA), saying that it will upgrade the banking system to keep pace with global change.

Dr. MohyEddin, who is also a professor of economics at Cairo University, added that there is further draft law to protect competition and prevent the creation of monopolies.

"This is part of the reforms to increase the private sector role in all areas as well as liberalising foreign trade and attracting new investment," he said.

Director of the Cairo and Alexandria Stock Exchanges, Dr. Sameh El-Torgoman and the Dean of the Economics Faculty at Cairo University Dr. kamal Al-Monoofy attended the concluding session.