A draft law regulating Egyptian Commodities Exchange will be sent to next parliament, minister

A draft law for regulating the work of the Egyptian Commodities Exchange will be submitted to the next parliament, according to the Egyptian Minister of Supply and Internal Trade, Ali El-Moselhy.

He added that the newly set commodities exchange bourse will participate in the incoming local wheat harvest season which starts in mid-April.

The Egyptian government is establishing first commodity exchange company in Egypt to control the prices of basic commodities.

The new exchange aims at shrinking the circle of commodity trading from the source to the consumer, and saving the transportation cost, which represents 30% of the total cost of goods, the report clarified.

In the new exchange company, farmers’ products will be collected, classified and made available for all dealers on the exchange platform, in a way that contributes to increasing the competitiveness of small farmers and producers.

It is expected that the new projects would provide more than 400,000 direct and indirect job opportunities.

On the other hand, 10 consumer complexes out of total 47 are being developed as part of its 2020/2021 plan, the Minister of Supply, Ali El-Moselhy, said in a press conference on Sunday.

He revealed that the country’s strategic reserve of wheat is sufficient for more than five months.

Egypt’s strategic rice reserves are enough for 11 months and sugar reserves are enough for three months, while oil, chicken, and meat reserves are sufficient for three, 13, and 25 months, respectively.