2merkato

The Ethiopian Commodity Exchange sold 92 seats, with full membership privileges, last week. The seats were sold at competitive bid held at the Wabi Shebelle Hotel. The exchange will earn 123,370,708.81 birr from the sale.

50 of the 92 full membership seats on offer were allocated to limited members and suppliers previously engaged in limited trading on the exchange. 66 bids were received for the 50 seats with the highest bid received from Ato Teklay Gebre-Mariam Gebre-Medhin for 2,000,150 birr. The lowest winning bid was 459,950 birr. The commodities exchange is expected to earn more than 42 million birr from the sale of the fifty seats.

The Ethiopia Commodity Exchange signed a settlement agreement with Oromia Cooperative Bank, Ethiopia last Tuesday.

The agreement was signed by Wondimagegn Negera President of Oromia Cooperative Bank and Ahadu Wubshet, Chief Operations Officer at the ECX. 

The Ethiopia Commodities Exchanges signed a Memorandum of Understanding with the government of the United States. The US government signed the agreement through the agency of the Unites States Agency for International Development.

The agreement is intended to allow collaboration towards enhancing the quality, marketing and traceability of Ethiopian coffee.

The agreement facilitates a partnership between the Agricultural Growth Program-Agricultural Market Development Project of the USAID with the exchange to enable sellers and buyers to track the origin of coffee through electronic coding and marking. The collaborative efforts will also include certifying laboratories and quality graders as well as enhancing the efficiency of the ECX warehouse system and increasing the number of farmer’s cooperatives.

The Ethiopian Commodities Exchange (ECX) is to review a proposal for trading in chickpeas and sorghum. The exchange announced plans to introduce the two commodities alongside Teff at its fourth national forum.

An industry study has already been done for chickpeas and sorghum said Bemnet Aschenaki chief strategy officer for the ECX. The study was done on samples collected by the ECX quality and product development team as per suggestions outlined by a technical advisory board explained Bemnet.

The trade value of the Ethiopian Commodity Exchange has reached 21 billion birr in the current financial year while its trading volume has increased to 601,000 tons announced the ECX.

The trading value of the Exchange increased by 21% while its trading value showed an increase of 23% noted the company press release.

The increase in trading volume included the 52% increase in the trade in white pea beans, which reached 64,000 metric tons and a 38% growth in sesame trade to 303,000 metric tons.