News

Egypt Talks with International Banks to Decrease World Prices

mm
Egypt Talks with International Banks to Decrease World Prices

Egyptian wheat harvest season begins in April and lasts until July. Photo credit: Ahram Online

A government source told Reuters on 15 October that Egypt started talking to international banks about restricting the international increase in market prices for basic commodity including wheat and oil.

Egypt is the world’s biggest importer of wheat. The United Nations Food and Agriculture Organization (FAO) forecasted that by mid 2018, Egypt would have import at least 12 million tonnes of wheat. “We are not in advanced talks…we are surveying, taking presentations, not more than that,” the source revealed to Reuters.

Wheat is not the only product that will be subjected to a price increase in the global price. The prices for other commodities like oil are also expected to rise. The source told Reuters that “There are many units in many ministries working on this. A unit in the finance ministry is studying the potential for hedging the price of oil and basic commodities.”

In September, Mohamed Maait, Egypt’s Minister of Finance, said that the ministry wanted to impose a limit on the increase of the oil prices once the market calms down.

The country’s capital, Cairo, buys USD 1.5 billion worth of wheat annually alone. The prices of wheat products and especially bread are then significantly subsidized to be consumed by millions of Egyptians.

 

Egypt Will Reuse Treated Wastewater in Agriculture
Lost in Time: Egyptian Photographer Captures Egypt's 1920s Fashion

Subscribe to our newsletter


News

More in News

Egypt Calls For Boycott of BBC After Anti-Sisi Report

Egyptian StreetsMarch 25, 2019

Uber Plans to Takes Over Middle-Eastern Rival Careem for $3.1 Billion

Nour EltiganiMarch 24, 2019

Singer Sherine Banned from Performing After Freedom of Speech Comments

Egyptian StreetsMarch 24, 2019

ISIS Loses Its Last Territory, Yet the Region Looks More Dysfunctional

Mirna AbdulaalMarch 23, 2019

Egyptian Teenager’s Actions Save Schoolchildren from Italy Bus Attack

Egyptian StreetsMarch 22, 2019

Trump: Time for US to Recognise Golan Heights as Israeli territory

Egyptian StreetsMarch 21, 2019

Al Aswany Embroiled in Military Lawsuit for Criticism on State

Egyptian StreetsMarch 21, 2019

Egyptian Parliament Agrees to Law that Protects Your Personal Data

Nour EltiganiMarch 19, 2019
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.