EMX plans for restructuring, adding 3 new commodities: Ashmawy

Updated 1/17/2024 7:30:00 AM

Arab Finance: The Egyptian Mercantile Exchange (EMX) is planning to carry out a restructuring plan by adjusting the listing rules and administrative structure, Al Arabiya reported, citing EMX Chairman Ibrahim Ashmawy.

Moreover, it is aiming to provide new incentives to encourage the registry of merchants and exempt the newly added commodities from registration and trading fees for a year, Ashmawy said.

The EMX is currently in talks with Egyptian banks to provide financing to traders on the commodities bourse, Ashmawy pointed out.

He also added that the EMX targets to double the trading volume and turnover of the offered commodities to surpass EGP 38 billion and around 3 million tons by the end of 2024 as compared to last year.

Furthermore, the EMX is in current negotiations with the Ministries of Public Business Sector and Petroleum to add three new commodities this year, including cotton and other two unspecified petrochemical commodities, Ashmawy said.

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