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Tuesday, 13 December 2022

Gold could be coming to the EMX in 1Q 2023

Gold could be listed on the newly-launched Egyptian Mercantile Exchange (EMX) in 1Q 2023, Nagy Farag, an advisor to the Supply Ministry on gold, told Enterprise. The ministry is hoping to complete the listing procedures within the next three weeks.

This would be the second commodity available on the exchange: Traders are currently only able to buy and sell wheat on the exchange. The EMX launched late last month with offers of wheat to traders from state supplier GASC.

Reminder: Traders aren’t (yet) able to buy and sell futures contracts on the EMX. The exchange is currently only a spot market, meaning commodities are bought and sold at their current market prices.

Turmoil in the gold market: Local gold prices have surged to record highs this month as people try to protect their savings following October’s devaluation. The price of 21-carat gold rose to EGP 1.8k for the first time ever, prompting merchants to suspend pricing amid confusion about the EGP’s value against the greenback. The official rate currently pegs the EGP at 24.69 to the greenback, a 25% decline since October, but the currency has been selling for more than EGP 30 in the parallel market in recent days.

ALSO- Fintech player Paymint will develop the exchange’s internal payments system under an agreement signed between the startup and the EMX, it said in a statement yesterday.

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