Minister of Supply and Internal Trade, Sherif Farouk, met with the Chairperson of the Financial Regulatory Authority (FRA), Mohamed Farid, at the ministry’s headquarters in the New Administrative Capital on Sunday. Their discussion focused on strengthening the effectiveness of the commodity exchange and its contribution to the economy.
The officials explored ways to collaborate and develop the commodity exchange by leveraging supply and demand forces. They emphasized enabling participants to manage price volatility risks through effective hedging techniques.
During the meeting, market mechanisms were highlighted as essential for achieving transparency and clarity. Establishing sound principles and standards for trading commodity derivatives was also discussed.
Farouk and Farid considered utilizing the FRA’s expertise to enhance the efficiency and competitiveness of the commodity stock exchange. They discussed activating the exchange’s role to increase competitiveness, promote fair competition, and provide transparent commodity prices via the electronic platform.
Farid expressed commitment to cooperating with the Ministry of Supply. This aligns with the FRA’s goal of integrating with state institutions to support economic and social development plans.
The FRA oversees various non-banking financial services, including capital markets, insurance, and non-banking finance. Additionally, it actively promotes digital transformation, sustainability, climate change mitigation, and financial inclusion.