Mercantile exchange in Egypt to start operations with Russian wheat trading

The Egypt’s mercantile exchange opening on Sunday will start trading with Russian wheat offers, said Ibrahim Ashmawy, the First Assistant Minister of Supply for Investment and the Head of the Internal Trade Development Authority.

"The Egypt’s mercantile exchange will be launched tomorrow [on November 27 - TASS] and its operations will start with wheat trading," Ashmawy said, cited by the Sada Al-Balad TV Channel. "The goods supply authority is the seller and it will start trading from Russian wheat offers," the official said.

"Appearance of the mercantile exchange in Egypt will be an excellent supplement to the country’s trade system," Ashmawy noted. "It [the mercantile exchange - TASS] is called to support the Egypt’s entry to the global commodities trading stage and facilitate foreign capital attraction to the country," he added.

It is anticipated that the goods supply authority would offer a certain quantity of imported wheat twice per week from its reserves for trading at the initial stage of mercantile exchange’s operations.