Egyptian Commodity Exchange started with Russian wheat auction

According to the report of the International Economy reporter of Fars news agency, quoted by Rashatoudi, Ebrahim Ashmawi, the deputy minister of trade and domestic supply of Egypt, emphasized that the Egyptian Commodity Exchange is designed to ensure “Egypt’s entry into the global commodity trade scene” and to help attract foreign capital. .

He explained that the Egyptian Commodity Exchange helps to “offer goods at a fair price, support small farmers, end monopoly in the industry and achieve price stability.”

It is expected that, in the first stage of this exchange, a certain amount of imported wheat will be auctioned twice a week.

Egypt announced the establishment of a commodity exchange in 2019, but its launch was delayed; Earlier this year, Ashmawi said that cotton and gold may also be traded on the commodity exchange.

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