{"id":548930,"date":"2022-08-28T04:00:19","date_gmt":"2022-08-28T04:00:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/28\/egycomex-could-open-later-this-year\/"},"modified":"2022-08-28T04:00:19","modified_gmt":"2022-08-28T04:00:19","slug":"egycomex-could-open-later-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/28\/egycomex-could-open-later-this-year\/","title":{"rendered":"Egycomex could open later this year"},"content":{"rendered":"

Egypt\u2019s commodities exchange (<\/strong>Egycomex<\/a><\/strong>) could go live before the <\/strong>end of the year<\/strong>, with trading of gold set to start as a first phase, Ibrahim Ashmawy, head of the Internal Trade Development Authority, told Bloomberg Asharq (watch, runtime: 15:25<\/a>). Ashmawy told us back in 2020<\/a> that traders would be able to buy and sell wheat, oil, sugar, and rice when the exchange launches, and in a separate interview said<\/a> that gold, steel and cotton would be added later.<\/p>\n

Where things stand:<\/strong> \u201cThe electronic platform for the bourse is complete, and we have begun to create ID codes for some of the listed members,\u201d Ashmawy said. The exchange began<\/a> trading on a pilot basis<\/a> last year.<\/p>\n

WATCH THIS SPACE- Gov\u2019t to buy local commodities via the exchange:<\/strong> The government will soon announce that most of its purchases of local, basic commodities will be made through Egycomex, Ashmawy said.<\/p>\n

What about the law governing Egycomex?<\/strong> The law governing the forthcoming Egyptian commodities exchange \u2014 which has been in the works since February 2018<\/a> when it was made possible after amendments made to the Capital Markets Act \u2014 had been expected to be submitted to the House of Representatives<\/a> last year after receiving cabinet approval<\/a> in 2020, but we\u2019ve heard nothing about it since.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s commodities exchange (Egycomex) could go live before the end of the year, with trading of gold set to start as a first phase, Ibrahim Ashmawy, head of the Internal Trade Development Authority, told Bloomberg Asharq (watch, runtime: 15:25). Ashmawy told us back in 2020 that traders would be able to buy and sell wheat, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7305],"tags":[317,2319,72,7093],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548930","post","type-post","status-publish","format-standard","hentry","category-commodities","tag-commodities","tag-egyptian-commodities-exchange","tag-enterpriseam","tag-gold","wpautop","entry"],"acf":{"mongo_id":"53484f05-0f5f-4caf-8021-601966abe9a4","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[548915],"teaser":"","voice_url":""},"yoast_head":"\nEgycomex could open later this year - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/28\/egycomex-could-open-later-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egycomex could open later this year\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s commodities exchange (Egycomex) could go live before the end of the year, with trading of gold set to start as a first phase, Ibrahim Ashmawy, head of the Internal Trade Development Authority, told Bloomberg Asharq (watch, runtime: 15:25). 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Internal\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/114.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565270,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/preparations-for-the-egycomex-pilot-are-ramping-up\/","url_meta":{"origin":548930,"position":2},"title":"Preparations for the Egycomex pilot are ramping up","author":"enterpriseam admin","date":"30 March 2021","format":false,"excerpt":"Some 425 wheat collection points have been established across the country for farmers who want to offer their harvest on the new Egyptian Commodities Exchange (Egycomex), Ibrahim Ashmawy, head of the Internal Trade Development Authority and chairman of the new exchange, told Al Mal. 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Ashmawy previously told us that traders would be able to buy and sell wheat, oil, sugar, and rice when\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574462,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/10\/beltone-ci-capital-and-efg-hermes-will-hold-stakes-in-the-commodities-exchange\/","url_meta":{"origin":548930,"position":5},"title":"Beltone, CI Capital and EFG Hermes will hold stakes in the commodities exchange","author":"enterpriseam admin","date":"10 September 2020","format":false,"excerpt":"Beltone, CI Capital and EFG Hermes will hold stakes in the new Egyptian Commodities Exchange (Egycomex), exchange boss Ibrahim Ashmawy tells us, though he did not outline who will own how much. 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