Egypt considering importing wheat in Indian rupee, yuan: Supply minister

Ahram Online , Sunday 30 Apr 2023

Egypt is considering importing wheat in exchange for foreign currencies other than the US dollar, including the Indian rupee and Chinese yuan, Minister of Supply and Internal Trade Ali Moselhi reportedly said on Saturday.

wheat
Labourers use brooms to separate wheat grains from its husk at a wholesale market in Amritsar on April 21, 2023. AFP

 

According to Asharq Business, Moselhi noted that the matter is still under consideration, and no official agreements have been reached.

In a press conference on Saturday, the minister stated that the strategic wheat reserve has decreased to 2.6 months due to government supply to mills and pasta factories to stabilise prices.

The minister said Egypt has purchased 365,000 tons of wheat from local farmers since the beginning of the harvest season, which began earlier in April.

He unveiled that Egypt seeks to import around five million tons of wheat in 2023.

On 12 April, Egypt announced a 20 percent increase in the local wheat procurement price for the upcoming harvest season, raising it to EGP 1,500 per ardeb (1 ardeb = 150 kg) from EGP 1,250 in January.

The country aims to purchase four million tons of local wheat from farmers during the current harvest season, down from 4.2 million tons last season, which came short of the announced target of six million tons by government officials in early 2022.

Egypt imports 60 percent of its basic food needs, according to the Ministry of Supply's data.

Short link: