March 22, 2020 / 2:52 PM / 17 days ago

Egypt to allocate 20 bln Egyptian pounds to support bourse

CAIRO, March 22 (Reuters) - Egypt will allocate 20 billion Egyptian pounds ($1.27 billion) to support the stock exchange, battered by the impact of the spreading coronavirus on the economy, President Abdel Fattah al-Sisi said on Sunday.

Sisi also said in televised comments that Egypt had enough strategic reserves of basic foods such as rice and sugar and that there was no need for people to rush to stock up. ($1 = 15.7000 Egyptian pounds) (Reporting by Nadine Awadalla; Writing by Ulf Laessing; Editing by Kevin Liffey)

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