FINANCIAL NEWS

Egypt to launch commodities exchange

04 Jul 2010

(MENAFN) Al-Ahram daily newspaper reported that Egypt plans to launch a commodities and financial derivatives exchange in the second half of 2011 in cooperation with a global stock exchange.

An agreement will be signed with one of the global exchanges that has experience in commodities and financial derivatives bourses, the paper quoted Maged Shawky as saying.

Egypt is the world’s largest wheat importer. The country of almost 80 million people is also an importer of sugar.

Egyptian cotton, once the backbone of the country’s exports, has gone into decline in recent years as liberalisation in 1994 exposed farmers to volatile global prices and rising fertiliser costs.

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