Egypt plans to launch the first and biggest commodities exchange in the Middle East in the coming period, said Minister of Supply Khaled Hanafy.
The Egyptian minister further elaborated in a telephone interview with Al-Hayat TV channel on Saturday, that Cairo city would be the hub of contracting, trading, receiving and distributing the grains.
Such new accumulative markets will prevent monopolies and provide more transparency in the cost of goods.
A commodities exchange is an entity, usually an incorporated non-profit association that determines and enforces rules and procedures for the trading of commodities and related investments, such as commodity futures. Commodities exchange also refers to the physical center where trading takes place.