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Egypt to strengthen commodities exchange to help economy
CAIRO – 21 July 2024: During a meeting between Sherif Farouk, Minister of Supply and Internal Trade, and Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA), strategies were discussed to improve the efficiency of the commodities exchange and its contribution to the economy.
The main objective of the discussion was to leverage the forces of supply and demand to activate the commodity exchange. This approach would allow traders to effectively manage the risks associated with price fluctuations through hedging techniques.
The importance of conducting transactions in accordance with market mechanisms was stressed, with the aim of achieving transparency and clarity at the highest levels.
The discussions also highlighted the need to establish solid foundations and standards to facilitate commodity derivatives trading. Both sides explored the possibility of using the expertise accumulated by the FRA to improve the efficiency and competitiveness of the commodity exchange.
In addition, they discussed the possibility of activating the role of the commodity exchange in increasing competitiveness and promoting fair competition in the markets. Transparency of commodity prices for all market participants was considered crucial, with the aim of reducing the complexity of transactions through the electronic platform of the exchange.
Farid expressed his commitment to fostering various forms of cooperation with the Ministry of Supply, as part of the FRA's efforts to integrate with various state institutions and support the implementation of economic and social development plans.
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Sources 2/ https://www.egypttoday.com/Article/3/133615/Egypt-to-enhance-commodity-stock-exchange-for-economic-contribution The mention sources can contact us to remove/changing this article |
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