While the world supply of cereal has been disrupted for several months due to the Russian-Ukrainian conflict, the executive is stepping up interventions to promote accessibility of the food at the local industry level.
In Egypt, millers will now be able to obtain wheat on the National Commodity Exchange (EMX) from 27 November. This was stated by the Department of Supply in a statement released on Tuesday, November 22.
According to the details provided by the document, the General Authority in charge of supplies (GASC) will make quantities for sale of its wheat stock available to buyers, through the EMX platform, at a rate of offer twice a week.
The initiative is part of a commodity market regulation policy, implemented by the executive to control and stabilize trade tariffs in response to the fallout from the crisis between Ukraine and Russia in the domestic market.
“It is also a contribution to the management of the needs of private sector milling companies, in imported wheat so that it does not affect prices on the local market”, can we read in the press release.
It should be remembered that in the country of the pharaohs, the insufficient supply of wheat had shut down, a month earlier, about 80% of the flour mills which were unable to obtain the raw material on the international market. in particular because of a shortage of dollars aggravated by the Russian-Ukrainian conflict.
As a reminder, Egypt consumes more than 20 million tons of wheat per year.