The Ethiopian Commodity Exchange (ECX) said it transacted 2.65 million metric tons of commodities over the past five years. According to a statement posted on its website, the total sum of all commodities traded at the ECX has reached 90 billion Ethiopian birr.

The number of trading members has increased to 329 during the reported period from 100 in 2008, when it commenced operation, it said. ECX has managed to increase the number of delivery centers and settlement banks to 17 and 11 respectively.

During its first year of operation, the Ethiopian Commodity Exchange had transacted over 113,000 metric tons of commodities, mainly coffee, maize, pea beans and wheat, valued at 2.5 billion birr. This achievement was attained with few delivery centers, only 100 founding members and three settlement banks. Ethiopian Commodity Exchange disseminates market information to farmers through rural electronic price tickers installed in rural towns across Ethiopia.

Farmers have also received information through SMS messages and call-in system, which benefit a total of two million customers every month. Ethiopian Commodity Exchange is striving to further modernize its system in order to connect buyers and sellers with an efficient, reliable and transparent technology, it said.

Source: Ethiopian News Agency