The Clap The Egyptian Commodity Exchange has begun aligning with the General Authority for Supply Commodities and the Holding Company for Food Industries (HCFI) to begin purchasing their commodity needs from the commodity exchange starting next month.
The Deets The electronic platform for the commodity exchange is prepared, with the only thing left is to register the suppliers and dealers on the platform.
They will begin trading with rice, oil, cotton, gold, and other commodities that the general authority will require. The suppliers will record the stock they have of the commodities on the platform.
Why is this important? This initiative aims to reduce the amount of stages a commodity goes through before reaching the consumer. Reducing these stages should lead to having fair prices for these commodities.
The launch of this platform also helps with the digitization of Egypt’s economy. It also grants transparency between traders and eliminates the use of physical documents.