Egyptian mercantile exchange to launch with Russian wheat

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.

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

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.

More Information

null in null

Lifestyle

Section

Eli Lilly’s Zepbound outperforms Wegovy in obesity drug study

Zepbound beats Wegovy for weight loss in trial of blockbuster drugs

INDIANAPOLIS, Indiana: Eli Lilly's obesity drug Zepbound led to nearly 50 percent more weight loss than Novo Nordisk's Wegovy in the...

Egypt: Apparent Extrajudicial Killings

(Beirut) - Egyptian Ministry of Interior officers on April 10, 2025, apparently killed two men in northwest Egypt hours after their...

Karnataka Govt to provide ownership rights to one lakh families in State: Rahul Gandhi

Vijayanagara (Karnataka) [India], May 20 (ANI): Lok Sabha Leader of Opposition Rahul Gandhi asserted on Tuesday that the Karnataka...

Trump signs 'Take it Down Act', making it illegal to circulate non-consensual explicit pictures

Washington DC [US], May 20 (ANI): US President Donald Trump signed the Take It Down Act into law, a landmark legislation championed...

EU state votes to quit ICC

The Hungarian parliament has approved a bill that enacts the withdrawal process Hungary's parliament has approved a bill initiating...

Five-member TMC delegation to visit Srinagar, Poonch, and Rajouri, from May 21-23

Kolkata (West Bengal) [India], May 20 (ANI): A five member-delegation of Trinamool Congress will visit Srinagar, Poonch, and Rajouri...

International

Section