This study aims to analyze the impact of the interest rate liberalization policy on the activity of the Egyptian stock market, as part of the economic reform program launched in the 1990s to address structural imbalances such as inflation, unemployment, and the deteriorating performance of financial markets. This policy was introduced to enhance market efficiency and attract both domestic and foreign investments. The study relied on two main methodologies: a field study using a questionnaire directed to a sample of individual and institutional investors to measure the impact of economic variables on investment decisions, and a quantitative statistical analysis using a multiple regression model to examine the relationship between interest rates, exchange rates, inflation, and the rate of return on key market activity indicators (such as trading volume and the number of transactions). The key findings revealed a strong inverse relationship between interest rates and market activity, where a 1% increase in interest rates led to an approximately 2.05% decrease in the number of transactions. Additionally, a direct relationship was observed between the US dollar exchange rate and the overall rate of return on one hand, and market activity on the other. Financial information (such as company profits and stock liquidity) was identified as the most influential factor in investors' decision-making. Furthermore, the liberalization policy contributed to enhancing market efficiency and boosting activity indicators (such as the number of listed companies and trading volume).