The commodity exchange in Egypt contributed to the decline in wheat prices from 13,500 to 11,000 pounds

Published 2023년 1월 8일

Tridge summary

The article highlights the efforts of the Egyptian government, led by President Abdel Fattah El-Sisi, in mitigating the impact of global factors such as the Russian-Ukrainian conflict on food commodity prices. These efforts include the activation of the commodity stock exchange, the import of wheat, and the allocation of wheat to licensed mills at a subsidized price. These measures have contributed to a significant decrease in wheat prices and the stabilization of the bread and dough market, providing relief to consumers, particularly those with lower incomes. Additionally, the government has taken steps to ensure the availability of pasta and other necessities at reduced prices through various channels, including Ramadan exhibitions and mobile car commodity offers. These initiatives aim to ensure market stability and provide necessary food commodities to the population despite global challenges.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Abdel Ghaffar El Salamouny, Vice President of the Chamber of Grain Industry at the Federation of Egyptian Industries, announced that activating the work of the commodity stock exchange and trading imported wheat contributed significantly to the drop in wheat prices from 13,500 per ton to 10,800 and 11,000 pounds per ton, as well as the drop in the price of fine flour by 72%, about 2,000 pounds per ton. He added, in press statements, that the proactive steps taken by the government contributed to the success of the Ministry of Supply and Internal Trade in providing food commodities and securing strategic stocks of all basic commodities, which average between 5 and 6 months. She pointed out that these steps contribute to avoiding any crises related to the shortage of commodities, despite the difficult global conditions as a result of the Russian-Ukrainian war, which led to negative impacts on the supply chains of main commodities, especially wheat, corn, fodder and oils. He ...

Source: Almalnews