FRA: Stock trading to be done via e-mail, SMS to curb coronavirus spread

CAIRO - 18 March 2020: Head of the Financial Regulatory Authority (FRA) Mohamed Omran said that the clients' stock trading order to buy or sell shares on the Stock Exchange (EGX) will be done via e-mail and SMS or text messaging service.

In a statement by the authority of which MENA got a copy, Omran said that this precautionary measure is taken in line with the state measures to curb the spread of coronavirus.

On Sunday, Omran issued directives pertaining to offering non-banking services online as part of precautionary measures against coronavirus.

Now, those seeking non-banking services can file their requests to FRA online, Omarn said in a statement.

He made clear that FRA started as of 2019 digitizing some non-banking services to spare time and effort as one of tools of economic reforms.

Those who have complaints can send them to the authority via email "Complaints@fra.gov.eg", he said.

The statement listed the non-banking services clients can apply for electronically.

The step comes days after Egypt’s government banned large gatherings until further notice to prevent the spread of coronavirus (COVID-19).

The virus is now reported in 117 countries.

The World Health Organization (WHO) declared the outbreak as a pandemic.