RT.com
27 Nov 2022, 15:55 GMT+10
The new trading hub is expected to help attract foreign capital to the country
The Egyptian Mercantile Exchange (EMX), which is set to open on November 27, will begin with Russian wheat being offered, the country's deputy minister of internal trade and supply, Ibrahim Ashmawy, announced on Saturday.
"Tomorrow the Egyptian Mercantile Exchange will be launched, its work will begin with wheat trading," Ashmawy said, as cited by the local Sada El Balad TV channel, adding that "the department for the supply of goods is a seller, and it will start trading with offers of Russian wheat."
The official stressed that "the launch of a commodity exchange in Egypt will be a great addition to the country's trading system," adding that the EMX is designed to ensure Egypt's "entry onto the global stage of commodity trading" and to help attract foreign capital to the country.
The exchange will also help "provide goods at a fair price, ensure the protection of small farmers, end monopolies in the industry and achieve price stability."
It is expected that at the initial stage of the trading hub's operation, a certain amount of imported wheat will be offered from its stocks at auctions twice a week.
READ MORE: Moscow clarifies conditions for extending grain deal
Egypt announced the establishment of the commodity exchange back in 2019, but its launch has been postponed. Earlier this year, Ashmawy said that cotton and gold may also be traded on the EMX.
For more stories on economy & finance visit RT's business section
Get a daily dose of Sports Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sports Sun.
More Information(Photo credit: Stephen Lew-Imagn Images) New Orleans Pelicans forward Herbert Jones agreed to a three-year, $68 million extension,...
(Photo credit: Jordan Johnson-Imagn Images) Pete Crow-Armstrong crushed a pair of home runs and right-hander Colin Rea handled the...
(Photo credit: Kirby Lee-Imagn Images) Los Angeles Chargers running back Najee Harris sustained an eye injury in a Fourth of July...
(Photo credit: Nathan Ray Seebeck-Imagn Images) Athletics designated hitter Brent Rooker and New York Yankees second baseman Jazz...
(Photo credit: Eric Canha-Imagn Images) The Red Sox won't wait until after the All-Star break for Alex Bregman, as manager Alex Cora...
(Photo credit: Mitch Stringer-Imagn Images) Jordan Westburg homered and Gunnar Henderson had three hits as the Baltimore Orioles...
(Photo credit: Kirby Lee-Imagn Images) Los Angeles Chargers running back Najee Harris sustained an eye injury in a Fourth of July...
(Photo credit: John E. Sokolowski-Imagn Images) Veteran quarterback Trevor Harris returns to action and the Saskatchewan Roughriders...
(Photo credit: Alex Martin/Journal and Courier / USA TODAY NETWORK via Imagn Images) Southern California offensive lineman DJ Wingfield...
(Photo credit: Denny Medley-Imagn Images) LSU and coach Brian Kelly scored a huge win Thursday, keeping local product Lamar Brown...
(Photo credit: Mark J. Rebilas-Imagn Images) Amazon Prime Video has hired veteran broadcaster Kevin Harlan to call NBA games during...
(Photo credit: Eric Hartline-Imagn Images) San Francisco 49ers wide receiver Demarcus Robinson was sentenced to three years probation...