Egypt’s Ministry of Supply and Internal Trade decided to offer gold trading on the Commodity Exchange during Q1 of 2023.
Speaking to Sada Elbald English (SEE), the Minister of Supply and Internal Trade’s Councleuer Nagi Farg emphasized that trading gold on the Commodity Exchange commodity market will provide protection for all stakeholders.
He added that this decision falls short of providing full transparency in the field of gold.
In the same connection, he noted that this step has been taken in line with the state’s plan to transform Egypt into a regional hub for gold, and stimulate more major international gold firms to invest in the domestic market.
It’s worth noting that this decision came during Ashmawy’s statements at the launching of a registry center in Beni Suef Governorate.
Contributed by Ahmed Emam