Sugar prices in Egypt is expected to decline after the rise of the dollar

Hassan Al-Fandi, former head of the Sugar Division of the Food Industries Chamber of the Federation of Industries and a current member, revealed that it is expected that sugar prices will decline in the local market after the movement of the dollar price, but he set a condition, which is the extent to which the dollar will be saved during the coming period. Al-Fandi indicated in statements to “Al-Mal” that the bulk of sugar is a local product, and therefore it is not supposed to be strongly affected by the movement of the dollar’s price, in addition to that part of the commodities in the markets were calculated at higher prices for the dollar than those in banks. He added that the Ministry of Supply should increase the movement of sugar imports during the current period and pump it into the markets, which contributes to increasing the supply and fighting any greed on the part of traders during the coming period. The price of the dollar exceeded 26 pounds in 6 banks operating in ...