Egypt's wheat reserves to last 126 days: Cabinet

Ahram Online, Wednesday 20 Feb 2013

Egypt has 3.11 million tonnes of wheat in storage to last until 24 June 2013 , says Cabinet

Egypt's current wheat stocks are sufficient to meet the needs of the population for 126 days and will last until 24 June 2013, the Cabinet announced on Wednesday.

As the largest wheat importer in the world, Egypt has 3.11 million tonnes of wheat in actual stocks and deliverable contracts, the Cabinet explained.

Observers worry that Egypt will face difficulties in soliciting the $5.5 billion it spends each year on food subsidies, mostly on wheat, as the local currency faces the risk of uncontrolled devaluation in response to political and economic instability.

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