This will reduce trading service fees to 0.005% from 0.00625%, clearing and settlement fees to 0.0100% from 0.0125% and stock market commissions to 0.0100% from 0.0120%.

Egypt’s Financial Regulatory Authority (FRA) has approved the trading fees reduction of transactions on the Egyptian Exchange (EGX) to encourage investment and create a competitive environment, the authority announced on Sunday.

The decision will now be sent to the cabinet for final approval, the FRA said in a statement.

This will reduce trading service fees to 0.005% from 0.00625%, clearing and settlement fees to 0.0100% from 0.0125% and stock market commissions to 0.0100% from 0.0120%.

Additionally, expenses of the Investor Protection Fund by 50% to 0.005% from 0.010%.

Ahead of the decision the FRA held several meetings with market participants to discuss proposals to reduce transaction fees on the EGX in a bid to encourage investment and create a competitive environment.