ECX Registers 40 billion Birr Worth Commodities Exchange in Fiscal Year

Addis Ababa, August 7/2020( ENA) Ethiopia Commodity Exchange (ECX) said it has registered commodities exchange of 761,914 metric tons worth 40 billion Birr this past Ethiopian fiscal year. 

ECX Chief Executive Officer, Wondimagegnehu Negera said today  the commodities exchange has achieved almost all of its targets for the fiscal year despite the COVID-19 challenge.

The performance in transaction and volume was 113 and 99 percent of the annual target, he added.

The CEO attributed the achievements to better data collection from relevant stakeholders pre- planning, assessments, and reforms on services.

According to him, value addition remains a challenge despite efforts of ECX to increase  number of commodities with added values.

Efforts have been exerted by ECX to use technology, expand warehouses and introduce new commodities to the exchange system, Wondimagegneh said .

Ethiopia Commodity Exchange plans to receive 784, 000 metric tons of commodities this  Ethiopian fiscal year.

The Ethiopia Commodity Exchange (ECX) is a commodities exchange established in April 2008 with the stated objective “to ensure the development of an efficient modern trading system” that would “protect the rights and benefits of sellers, buyers, intermediaries, and the general public.”