Ibrahim Ashmawy, Chairman of the Trade Development Authority and Chairman of the Board of Directors of the Egyptian Commodity Exchange (EGYCOMEX), said that open bids were conducted on 66 lots of gold bullion, with a total weight of 144 kilograms, in addition to 41 lots of silver bullion, with a total weight of 102 kilograms on Tuesday.
Ashmawy explained that following President Al-Sisi’s directive to the Supreme Investment Committee to strengthen and activate the mechanisms of EGYCOMEX, a meeting was held under the chairmanship of the Prime Minister to mobilize energies and urge the ministries concerned to trade their commodities by buying and selling on EGYCOMEX platform.
He also pointed out that Ali El-Moselhi, Minister of Supply and Trade, issued instructions to the head of the Stamping and Weights Department to offer these precious metals in auctions through EGYCOMEX.
Indeed, coordination has been made with EGYCOMEX to design trading programs and set the rules and procedures for offering and membership conditions for companies operating in manufacturing and trading precious metals.
According to Ashmawy, several meetings were held with specialists at EGYCOMEX and the Jewelry and Weights Assignment Authority to reach a final and consensual formula on the best ways to offer these precious metals and educate companies working in these activities on the importance of bidding on gold and silver commodities electronically, by using EGYCOMEX platform. He revealed that eight major companies operating in the trade of precious metals “gold and silver” participated in these auctions, and the auctions were carried out on 66 lots of gold bullion and 41 lots of silver bullion.
Ashmawy added that EGYCOMEX has become a multi-commodity exchange after the successful offering of a package of strategic commodities, which began on 27 November 2022, including yellow corn, soybeans, and sugar, in addition to other commodities.
It is noteworthy that EGYCOMEX specializes in trading strategic and basic commodities, the most important of which are crops, grains, grains, and minerals of all kinds, in addition to other commodities, whether primary or secondary.
