4 new commodities to be introduced on Egypt's Commodities Exchange in 2024

Four new commodities will be introduced on the Egyptian commodities exchange (EGYCOMEX) during 2024, with petrochemical products leading the list, chairman of the EGYCOMEX, Ibrahim Ashmawy stated.

 

He added in statements during his visit to a commercial mall that the introduction of gold to the exchange will occur after ensuring the governance process and obtaining approval from the regulator, represented by the Stamp and Weights Authority. 

 

He noted that the previously introduced gold and silver were done through the bidding system, according to the Middle East News Agency.

 

Regarding the incentives provided by the Egyptian Commodities Exchange to attract private sector participation, Ashmawy mentioned that registration and membership fees have been waived. 

 

Additionally, the exchange offers tax benefits and assistance to companies in swiftly bringing their commodities through customs, and it obtains a small percentage of trading fees to avoid imposing additional burdens on sellers and buyers.