Sat, 12 Sep 2020 - 02:06 GMT
An Egyptian woman buying vegetables from a local market in Cairo - FILE
CAIRO – 10 September 2020: Egypt announced establishing its first commodity exchange company as part of the country’s plan to develop its internal trade, as the commodities exchange will provide protection to small farmers and producers.
Farmers’ products will be collected, classified and made available for all dealers on the exchange platform, in a way that contributes to increasing the competitiveness of small farmers and producers.
Minister of Supply and Internal Trade Ali al-Moselhy emphasized that the commodity stock exchange is part of the infrastructure of the internal trade system, and "It will encourage small traders to join the organized trade system.”
He further added, “This will be reflected on commodity prices for the benefit of the consumer and the producer, especially with the reduction of commodity circulation between intermediaries.”
It is noteworthy that Chairman of the Board of Directors of the Egyptian Stock Exchange Mohamed Farid had confirmed that the Egyptian Commodity Exchange “is a regulated market for trading in the present Egyptian stock commodities,” which brings together all parties to the trading process, including merchants, stores, sellers and buyers, in an organized market for trading storable goods, and is “an important mechanism for pricing.”