Minister of Supply and Internal Trade holds a meeting with FRA’s Chairman today July 21st 2024 at the Ministry’s headquarters in the New Administrative Capital. FRA’s Chairman extends his congratulations to His Excellency on his recent appointment, acknowledging the political leadership’s confidence in his abilities. The meeting focuses on strengthening cooperation between the Ministry and the Authority.
The core focus of the meeting was on how both sides can work together to revitalize the commodity exchange and boost market activity. This would be achieved by activating the forces of supply and demand, and by enabling exchange traders to hedge against price fluctuations. Also, discussions stress on the importance of dealing according to market mechanisms to achieve the highest level of transparency and clarity. In addition to developing sound foundations and standards that allow derivatives’ trading and enhance the commodity exchange’s role in driving economic activity.
The meeting also explores how to leverage the Financial Regulatory Authority’s (FRA) expertise to boost the commodity exchange’s efficiency and competitive edge. It delves into strategies to revitalize the commodity exchange, with a focus on creating a more competitive market that promotes fairness for all participants. Also, price transparency for all traders via the exchange’s platform was another key topic in the meeting.
Dr. Farid emphasizes his strong commitment to collaborating with the Ministry of Supply. This aligns with FRA’s strategy to integrate with various government institutions in order to support national economic and social development plans. Dr. Farid stresses on the importance of collaborating with the non-banking financial sector. He believes that NBFS, with its diverse services including capital markets, insurance, and various non-bank financial products, coupled with the supportive regulations issued by FRA, can be a powerful engine for national development. On the other hand, Dr. Farid points out that FRA promotes digital transformation and sustainability , supports climates change policy and fosters financial inclusion in the society.
Last modified: July 24, 2024