May 4, 2:33 PM EDT

Egypt has extended the suspension of a capital gains tax on the stock market until May 2017

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CAIRO (AP) -- Egypt has extended the suspension of a capital gains tax on the stock market until May 2017.

The decision, announced Wednesday on state news agency MENA, was attributed to Deputy Finance Minister Amr Munir, who said the move was to improve investor confidence and maintain tax stability.

The government suspended the tax last May, saying the move was part of economic reforms aimed at improving the investment climate.

The 10 percent tax on capital gains had been approved in a law a year earlier by President Abdel-Fattah el-Sissi, fueling a sell-off by investors.

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