Egypt to launch in October first agriculture commodities exchange

The Supply Ministry will launch next month Egypt’s first exchange for industrial and agricultural commodities, where traders usually buy and sell futures contracts, Minister Ali El Moselhy said, according to a cabinet statement. The exchange will be 60% owned by the state and 40% by the private sector. It will initially allow five commodities — flour, iron, oil, corn, and cement — to be traded. Setting up a commodities exchange will help the government better calculate taxes, EGX boss Mohamed Farid added.