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00:00 The new system is based on the implementation of the development strategy in the stock market,
00:05 which was adopted by the stock market committee in January last year.
00:08 We have already started implementing the strategy and we have been involved in it for four months.
00:15 This is an internally developed system in the stock market.
00:18 The colleagues in the information systems sector and the market operations sector are the ones who developed this system.
00:24 This means that the system is fully operational and the communication is faster and more effective
00:30 to implement the transactions on the GDR.
00:33 We believe that this is the first stage.
00:35 The second stage will be related to the reserve system for the Egyptian stock market
00:38 and the direct marketing system and the direct reserve.
00:41 We have seen the importance of the GDR in the past period,
00:44 with the need of many investors to convert the shares and the GDR certificates.
00:48 How can this system increase the transactions on the GDR?
00:54 The story is not about increasing or decreasing,
00:58 but about working on the system, digitalization and financial technology.
01:02 This is what we are interested in.
01:04 Of course, increasing the transactions rate in general is the main goal of any stock market.
01:08 It will certainly affect the response to the increase in the transactions rate,
01:13 and this is what is expected and expected in the coming period.
01:15 When will we see a complete update of the exchange rate system in the stock market?
01:19 The exchange rate system in the stock market has been proven to take 2 to 2.5 years
01:24 from the beginning of the understanding procedures before the contract to the actual operation.
01:30 In 2001, the system that was implemented in May 2001, it took 2.5 years.
01:34 The update that was made in 2008, which is the current system,
01:38 also took about 2.5 years.
01:40 Since 2008, the exchange rate system has not been updated,
01:43 and this is a long period,
01:45 so this was the first priority and the main strategy of the stock market that we started working on.
01:50 Have you updated the system?
01:52 Almost all procedures have been completed,
01:55 and the contract will be announced soon in full detail.
01:59 When will this system start to be implemented?
02:01 The exchange rate system has been around for 2 years.
02:03 It takes about 2 to 2.5 years,
02:06 but with our experience, we have gained it over the long period of time,
02:11 and we have taken 2 experiments to update the exchange rate system in 2001 and 2008.
02:18 We hope that it will take less time than that this time.
02:21 When will the approved index be issued with the Islamic law,
02:24 and also the number of companies that will be included in this index?
02:26 God willing, it will not be less than 30 companies in any case,
02:29 and it can reach 50.
02:31 The study is now being done on 50 companies,
02:34 and in a very short period,
02:38 next week, the Islamic law committee will be announced,
02:42 the committee specialized in the index.
02:44 As studies were done in the stock market,
02:47 we have reached the limit that we can stand with,
02:50 but of course, the final form must be through the specialized committee that I will stand with.
02:55 I think that in June, the subject will be much more, God willing.
02:59 Do you expect that it will be started in the third quarter, for example?
03:02 No, in the second quarter, God willing.
03:04 In June, God willing, we will start working on it.
03:08 We have seen a number of companies that have been listed in the stock market during the last period,
03:11 a temporary list.
03:13 How many companies are targeted, whether in the main stock market or the small stock market?
03:17 The targeted number is infinite.
03:19 I mean, the ones you talked to.
03:23 Under the contract, there are currently about 6 companies,
03:26 and we hope for more, God willing,
03:28 and we hope to speed up the procedures of the proposal in the stock market,
03:31 meaning that a temporary list is in place.
03:34 We hope for a speedy proposal, and we hope for large-scale proposals,
03:38 which is what we are interested in.
03:40 And how many will be there by 2024?
03:42 Let's say that the number of companies that are ready,
03:46 as we estimate, is 3, for example,
03:48 by June, or July, or August, God willing,
03:51 we will have at least 3.
03:53 Is there a company in the financial services sector that is waiting for a proposal?
03:57 The other sectors of the companies,
03:59 the first ones, God willing, will be limited to next week,
04:03 and the next one is for the transition.
04:08 We saw a big debate recently about the application of the capital gains tax,
04:12 until the Council of Ministers came out with a decision or a consensus
04:15 about the delay in the application of the tax until next year.
04:17 I would like to know your point of view on the tax issue,
04:20 after all this debate that has been going on.
04:22 The tax is a law that has been issued.
04:25 This law was mandatory to be applied in 2023,
04:31 or the mandatory part of 2023 was achieved in March 2024,
04:35 if the tax season is April 2024.
04:38 But of course, because the implementation is not issued,
04:41 and the constraints and the foundations of the tax account,
04:44 the accounting equations of the tax account,
04:46 are supposed to be with the interest of taxes, with the interest rate,
04:49 because the income through the rate is much better for the market
04:53 than the income through the tax rate, and so on.
04:57 The system was not prepared, and it has not been prepared.
05:02 Is there a clear mechanism for the implementation until next year?
05:04 At the moment, there is no mechanism.
05:06 The market reaction was very clear,
05:08 and the market's direction in the tax issue,
05:10 as soon as it was announced.
05:12 The stock exchange, of course, as the stock exchange administration,
05:15 the interaction was very fast with the market,
05:17 and this is our real role,
05:19 that we must feel the market reaction quickly,
05:21 and there were calls with the Cabinet,
05:23 with the Ministry of Finance,
05:25 with all the institutions in the country.
05:28 In fact, we thank the Cabinet for the speed of response,
05:33 and the speed of reaction,
05:35 and the speed of invitation to the meeting,
05:37 which was invited by the Deputy Prime Minister,
05:39 and the meeting was very fruitful.
05:42 We thank the Ministry of Finance.
05:44 So, the implementation of the 2023 delay was agreed upon,
05:47 and the implementation of the tax year?
05:49 The implementation of the tax year of 2023
05:51 is a great achievement for the market.
05:53 People who have achieved four years of 2023
05:56 do not know how to pay the tax,
05:58 and what are its basics.
06:00 I think that the best is what is passed in 2023,
06:05 and God willing, what is in the interest of the market will be done.
06:09 I thank you all.