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Sunday, 12 January 2020

Mixed messages on launch date for Egypt’s commodities exchange

Mixed messages on launch date for Egypt’s commodities exchange: Trading on the Egyptian Commodity Exchange will begin by January 2021, the Supply Ministry’s Internal Trade Development Authority head Ibrahim El Ashmawy said, according to Al Mal. Ashmawy is also quoted by Reuters as saying the launch date could be anytime between 36 or 48 weeks (8-11 months) from now. The ITDA boss provided a slightly wider timeframe after a senior source in the Supply Ministry said last week that trading should begin within 36 weeks, or roughly by September.

Background: The cabinet economic group last week approved the establishment of the exchange, which will be managed by a company whose shareholders include ITDA, the General Authority For Supply Commodities, the Holding Company for Silos and Storage, and the Egyptian Exchange. Six commodities — wheat, rice, corn, potatoes, onions, and oranges — will initially be traded.

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