Egypt’s commodities exchange announced on Wednesday that it is inviting companies to register for trading sugar on the bourse, which currently provides trading options for yellow corn and wheat.
Starting Thursday, sugar will be introduced to the exchange, as stated by Ibrahim Ashmawy, the head of the exchange. He mentioned that this step aligns with a government directive aimed at regulating the markets for essential and strategic commodities.
Egypt, a significant purchaser of essential goods, has been grappling with a scarcity of foreign currency, causing the pound to plummet by almost 50% against the dollar. This situation has constrained imports and contributed to a surge in official headline inflation to unprecedented levels.
The nation has asserted possessing strategic sugar reserves that can suffice for consumption until the spring of 2024.
It has initiated a procurement process to import raw sugar via the Egyptian Sugar and Integrated Industries Company (ESIIC), with the latest information indicating the acquisition of approximately 50,000 metric tons of raw sugar in a recent international tender that concluded on August 5th.