Banking system ready to secure foreign currency to increase strategic reserves: PM

Ahram Online , MENA , Tuesday 23 Apr 2024

Prime Minister Mostafa Madbouly affirmed on Tuesday that the banking system stands fully ready to secure the foreign currency necessary to increase the strategic reserves of essential commodities.

Egyptian Prime Minister Mostafa Madbouly
Egyptian Prime Minister Mostafa Madbouly


Madbouly's remarks came during a cabinet meeting held to follow up on efforts to provide essential commodities and increase their strategic reserves.

During the meeting, which was attended by a host of ministers and senior officials, Madbouly said that the meeting came in line with President Abdel-Fattah El Sisi's directives, to maintain a sufficient stock of basic commodities.

El-Sisi has also directed the government to improve its ability to intervene during a commodity shortage crisis to ensure price stability.

For his part, Minister of Supply and Internal Trade Ali Moselhi said that his ministry has drawn up several plans to provide strategic reserves of basic goods.

He said that an agreement had been made to buy 500,000 tons of sugar.

Meanwhile, Minister of Agriculture and Land Reclamation El-Sayed El-Quseir reviewed the total amount of fodder that was released recently, pointing out that fodder worth $1.2 billion was provided during the last four months.

The meeting also touched on the availability of meat and poultry in various markets nationwide, in appropriate quantities and prices to meet the needs and requirements of citizens.

Last week, governorates across Egypt started receiving local wheat from farmers, setting their sights on collecting 3.5 million tons of the staple crop during the 2024 wheat supply season.


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