CAIRO – 17 January 2024: Ibrahim Ashmawy, Chairman of the Board of Directors of the Egyptian Mercantile Exchange, disclosed plans for the restructuring of the Egyptian Mercantile Exchange, Ashmawy revealed this during a press conference he held recently. This initiative encompasses amendments to operational rules, administrative structures, and the introduction of new incentives to encourage businesses to register on the exchange.
Ashmawy revealed ongoing negotiations with Egyptian banks to provide financing to traders involved in commodity trading operations. Looking ahead, he announced the exchange's intentions to broaden its offerings, including agricultural crops, food commodities, meat products, frozen poultry, cotton, and rice.
During the press conference, Ashmawy emphasized the remarkable growth, revealing that the traded volume of these commodities amounted to approximately LE 19 billion through 210 sessions since its establishment.
Ashmawy highlighted that a total of 1.5 million tons of 9 commodities were traded, including wheat, yellow corn, corn, bran, sugar, soybeans, salt, gold, and silver bullion, since the inaugural trading session on the Egyptian Mercantile Exchange platform November 27, 2022.
The exchange has 500 actively trading companies out of 1450. This signifies that more than 30 percent of the companies on the exchange are engaged in trading the 9 featured commodities.
Ashmawy that the Egyptian Mercantile Exchange acts an organized market for trading current commodities, and a mechanism to control prices through the electronic platform, and it provides convenience of electronic buying and selling without intermediaries.
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