Egypt revealed the establishment of the Commodity Exchange, provided that a number of commodities will be offered in it as a first stage in the first half of 2021, and Ibrahim Ashmawy has been appointed as the Chairman of the Board of Directors of the Egyptian Commodity Exchange Company.
In this context, the Chairman of the Commodity Exchange, Ibrahim Ashmawy, explained that "a number of basic commodities such as wheat, oil, sugar and rice will start to be offered in the commodity exchange as a first stage in the first - second quarter of next year 2021."
The commodity exchange came within the framework of the state's plan to develop internal trade, and it is expected that the commodity exchange will provide a measure of protection for small farmers and producers by collecting and classifying their production and making it available to all dealers on the exchange platform in the form of an organized market in a way that contributes to increasing the competitiveness of small farmers and producers. The commodity exchange is also part of the infrastructure of the internal trade system, and it will encourage small traders to enter the organized trade system, which will be reflected in commodity prices for the benefit of the consumer and the producer, especially with the reduction of commodity circulation circles between intermediaries, as this comes in accordance with the directives of the political leadership on controlling markets and the provision of commodities, including food and other commodities.
Source (Al-Arabiya.net, Edited)
