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Egypt Sets Up Commodities Exchange

Exchange is designed to protect producers and make stocks available to wider market

Wheat wheat field cereals

On Wednesday, Arab News reported that Egypt announced the formation of a commodities exchange which will initially trade wheat, oils, sugar and rice beginning in the first half of 2021.

Egypt, the world's largest wheat importer, established the exchange to provide protection for small farmers and producers and make their stocks available to the wider market, the supply ministry said.

The exchange will have $5.78 million in capital and will be chaired by Ibrahim Ashmawy, the current head of the internal trade development authority which falls under the supply ministry.

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