CAIRO (Reuters) – Egypt plans to start trading on its first commodities exchange within the next 36 to 48 weeks, Internal Trade Development Authority (ITDA) head Ibrahim Ashmawy said on Thursday.
The country’s stock exchange said in October that it will form a joint venture with the Supply Ministry to manage a commodities exchange for spot trading of commodities with large markets.
The commodities to be traded initially include wheat, sugar, corn and rice that can be produced locally or imported, Ashmawy said.
Shareholders in the new exchange will include the General Authority for Supply Commodities (GASC), Internal Trade Development Authority (ITDA), the Egyptian Holding Company for Silos and Storage and the Egyptian stock exchange among others.
Egypt has for years long considered setting up a commodities exchange. In 2016,the supply ministry said commodities trading would include agricultural produce as well as oil and gold.
($1 = 15.9500 Egyptian pounds)
Reporting by Momen Saeed Atallah; Writing by Amina Ismail; Editing by David Goodman