Egypt's stock exchange chairman Mohamed Omran
Cairo – Mohammed Abdullah
Egypt's stock exchange chairman Mohamed Omran has disclosed that the planned link-up between Egypt and Turkey stock markets has been postponed until further notice.
Speaking to Arab Today, Omran said that both markets had issued a joint statement to explain why implementation of the memorandum of understanding signed on June 26, 2012 had been delayed.
Interaction between brokers from both sides is a prerequisite of the agreement, and the latest political developments in Egypt have hampered these efforts.
Omran explained that the link-up would eventually take place, once brokers from both sides commit resources through bilateral agreements.
He said that despite the delay in the project implementation timetable, both exchanges would remain in touch to assess the status on a regular basis.
The relations between Egypt and Turkey have deteriorated since the ouster of Egypt's Islamist president Mohammed Morsi last month. Turkish Prime Minister Recep Tayyip Erdogan's criticised the military, in a move seen by many in Egypt as an excessive interference in Egyptian affairs. As a result, several young Egyptians called for a boycott of Turkish products, while some businessmen and experts demanded reconsidering the free trade agreement ?signed between Cairo and Ankara.