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Certain quantities of imported wheat will be offered at auction from the Commodity Supply Authority's stocks, at a rate of twice a week.
Cairo will auction grains and other agricultural products along with minerals and petrochemicals on this new trading platform.
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Russian wheat will be the first item to be traded at the inauguration of Egypt's Commodity Exchange, local media report.
Starting Sunday, November 27, certain quantities of imported wheat will be offered at auction from the Commodity Supply Authority's stocks, at a rate of twice a week.
According to #Lavrov, #Russian grain producers have reaffirmed their willingness to fulfill their responsibilities with regard to their deliveries to #Cairo.#Russia#Egypt https://t.co/mTb2kf0r9v
— Al Mayadeen English (@MayadeenEnglish) July 24, 2022
Other agricultural commodities, such as rice, barley, cotton, sugar, poultry and table eggs, as well as petrochemicals and minerals, particularly gold and iron ore, will be available on the exchange at a later date.
Egypt's Deputy Minister of Supply and Internal Trade Ibrahim Ashmawy said on Saturday that the exchange will start trading Russian wheat and stressed that the emergence of this commodity sales platform will make a great contribution to the country's trading system.
This is expected to be the largest commodities exchange in the Middle East and its opening is expected to help attract foreign capital, thanks to the speed of trading and other advantages, such as futures contracts.
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