As the holy month of Ramadan approaches, Egypt announced that its strategic reserve of wheat is sufficient for 3.5 months.
Egyptian Minister of Supply Ali Al-Moselhi said that the country’s strategic reserve of sugar is sufficient for 6 months and of vegetable oils for 5 months.
It is noteworthy that the Egyptian government directed the rapid release of goods found in customs, during a meeting that included the Ministers of Supply and Agriculture and the Governor of the Central Bank to follow up on the position of providing the required foreign exchange financing for strategic goods, especially wheat, oil, dairy powder, and medicines.
Prime Minister spokesman Mohamed Al-Homsani said in a statement that Madbouly directed the inventory of the various commodities present at customs with the aim of working during the coming period to speed up their release by preparing a gradual release plan, taking into account that the highest priority should be food commodities, medicines, and feed.
According to the statement, there are currently about $1.3 billion worth of food, medicine, and fodder goods at customs.
Al-Homsani indicated that the markets responded to the recent positive news, in reference to the Ras El-Hikma project, adding that there had already been a decline in the prices of both corn and soybeans.
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