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Sunday, 7 February 2021

Egycomex to pilot with the start of the wheat season

Egypt’s long-awaited commodities exchange (Egycomex) will kick off trading on a pilot basis in late April or early May when the next wheat season begins, and Egypt is aiming to supply 4 mn tonnes of wheat in the coming season, Supply Minister Ali El Moselhy said, according to Mubasher. Internal Trade Development Authority Chairman Ibrahim Ashmawy — who will also be chairman of Egycomex — had told the local press last year that the exchange would begin trading in wheat in the first half of 2021, but later pushed the launch to the second half of 2021. Ashmawy had previously told us that traders would be able to buy and sell wheat, oil, sugar, and rice when the exchange launches, and said in a separate interview that gold, steel and cotton would be added later. The exchange has been in the works since February 2018, when it was made possible after amendments made to the Capital Markets Act.

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