UAE Imposes Temporary Ban on Rice Exports and Re-Exports

A farmer harvests at a rice paddy on the outskirts of Srinagar, India. (AFP)
A farmer harvests at a rice paddy on the outskirts of Srinagar, India. (AFP)
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UAE Imposes Temporary Ban on Rice Exports and Re-Exports

A farmer harvests at a rice paddy on the outskirts of Srinagar, India. (AFP)
A farmer harvests at a rice paddy on the outskirts of Srinagar, India. (AFP)

The United Arab Emirates has temporarily banned rice exports and re-exports for four months as of Friday.

The decision included banning the export and re-export of rice originating India imported into the country, including free zones, after July 20.

The UAE Ministry of Economy said the ban would cover rice of all varieties including brown rice, fully or partially milled rice, and broken rice.

Companies wishing to export, or re-export rice must submit a request to the Ministry of Economy to obtain an export permit outside the country.

The permit would be issued “provided that the request is supported by all documents that help verify the data related to the shipment to be exported in terms of origin, the date of the transaction, and any other requirements that the ministry may require in this regard,” the statement added.

The ministry added that the permit to export rice products would be valid for 30 days and must be submitted to customs authorities, in order to complete procedures. Requests can be submitted online or directly at the headquarters of the Ministry of Economy.

The ministry said the decision can be extended automatically unless a decision is issued to cancel its implementation.

India had banned exports of non-basmati white rice in an effort to control rising prices and boost availability to Indian consumers.

From April to June this year, India’s exports of white rice except basmati rice rose by 35 percent.



Egypt Central Bank Keeps Key Interest Rates Unchanged

A general view of Cairo skyline during sunset, with foggy cold weather around the country, Cairo, Egypt February 2, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
A general view of Cairo skyline during sunset, with foggy cold weather around the country, Cairo, Egypt February 2, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
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Egypt Central Bank Keeps Key Interest Rates Unchanged

A general view of Cairo skyline during sunset, with foggy cold weather around the country, Cairo, Egypt February 2, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
A general view of Cairo skyline during sunset, with foggy cold weather around the country, Cairo, Egypt February 2, 2023. REUTERS/Amr Abdallah Dalsh/File Photo

Egypt's central bank kept its key interest rates unchanged on Thursday, it said in a statement.

The overnight lending rate remained at 28.25%, while the overnight deposit rate stood at 27.25%, the central bank said.