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Sunday, 28 August 2022

Egycomex could open later this year

Egypt’s commodities exchange (Egycomex) could go live before the end of the year, with trading of gold set to start as a first phase, Ibrahim Ashmawy, head of the Internal Trade Development Authority, told Bloomberg Asharq (watch, runtime: 15:25). Ashmawy told us back in 2020 that traders would be able to buy and sell wheat, oil, sugar, and rice when the exchange launches, and in a separate interview said that gold, steel and cotton would be added later.

Where things stand: “The electronic platform for the bourse is complete, and we have begun to create ID codes for some of the listed members,” Ashmawy said. The exchange began trading on a pilot basis last year.

WATCH THIS SPACE- Gov’t to buy local commodities via the exchange: The government will soon announce that most of its purchases of local, basic commodities will be made through Egycomex, Ashmawy said.

What about the law governing Egycomex? The law governing the forthcoming Egyptian commodities exchange — which has been in the works since February 2018 when it was made possible after amendments made to the Capital Markets Act — had been expected to be submitted to the House of Representatives last year after receiving cabinet approval in 2020, but we’ve heard nothing about it since.

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