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The Ethiopian Commodity Exchange (ECX) said it transacted 2.65 million metric tons of commodities over the past five years. According to a statement from ECX, the total sum of all commodities traded at the ECX has reached 90 billion birr or roughly USD 5 billion. The number of trading members has increased to 329 during the reported period from 100 in 2008 when it commenced operation.
ECX has managed to increase the number of delivery centers and settlement banks to 17 and 11, respectively. During its first year of operation, ECX had transacted over 113,000 metric tons of commodities, mainly coffee, maize, peas and wheat, valued at 2.5 billion birr. This was attained with just a few delivery centers, only 100 founding members and three settlement banks. ECX disseminates market information exponentially to farmers through rural electronic price tickers installed in rural towns across the country for this purpose. Farmers also receive information through SMS messages and a call-in system, which benefit a total of two million customers every month.
(ENA)