Egypt’s GASC to Receive Tons of Russian, Ukrainian Wheat in Days

A wheat farmer in Egypt. (Reuters file photo)
A wheat farmer in Egypt. (Reuters file photo)
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Egypt’s GASC to Receive Tons of Russian, Ukrainian Wheat in Days

A wheat farmer in Egypt. (Reuters file photo)
A wheat farmer in Egypt. (Reuters file photo)

Egypt's state grains buyer said on Sunday that a previously contracted 63,000 tons of Russian wheat, and a similar amount of Ukrainian, Romanian wheat were shipped, will arrive to the country's ports in the coming days.

Egypt already received 63,000 tons of French wheat on March 8, and a similar amount of Romanian wheat on March 5, the General Authority for Supply Commodities said in a statement, Reuters reported.

Egypt, often the world's top wheat importer, is working to buy wheat from other regions rather than its major suppliers Russia and Ukraine, whose exports are being disrupted by the fighting in Ukraine.

Egyptian officials have said they are working to secure booked cargoes of wheat from the Black Sea and to purchase from other origins amid the uncertainty over Black Sea shipments.

Existing reserves and wheat from the upcoming harvest should be sufficient to provide subsidized bread until close to the end of the year, they say.

However, Egypt has banned the export of some staples including wheat for three months and local prices of bread, flour and wheat have risen sharply since the war in Ukraine began.



Iraqi Central Bank Discusses Foreign Transfer Mechanisms with US Delegation

The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
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Iraqi Central Bank Discusses Foreign Transfer Mechanisms with US Delegation

The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)

Governor of the Central Bank of Iraq Ali Mohsen Al-Alaq held talks with Steve Lutes, Vice President of Middle East Affairs at the US Chamber of Commerce and Chairman of the US-Iraq Business Council mechanisms for international trade and Iraq’s shift to fully utilizing correspondent banks for foreign transfers. 

Sunday's discussions in Baghdad follow the US blacklisting of 14 Iraqi banks - half of the country’s total banks - on suspicions of involvement in money laundering and transferring funds to Iran and Syria. The move has prevented these banks from conducting dollar transactions.

According to a statement by the Central Bank of Iraq on Sunday, the meeting, which was also attended by the Directors General of the Investments Department and the Banking Supervision Department, addressed “banking and economic relations” between Iraq and the US. They covered a visit by a Central Bank delegation to Washington in April, during which the delegation will meet with officials from the US Chamber of Commerce and American companies.

The two sides also touched on US companies’ interest in investing in Iraq’s energy, infrastructure, and advanced technology sectors, as well as opportunities arising from Iraq’s current security stability.

Al-Alaq emphasized the Central Bank’s role in supporting Iraq’s economic growth and pledged full support to global firms, including US companies and banks, looking to invest in the country. He stressed the importance of diversifying investment sectors to bolster economic development.

Since the beginning of 2023, the Central Bank of Iraq has implemented a monitoring system for dollar transactions through a specialized platform, which was designed to regulate financial transfers by Iraqi banks and provide proactive oversight, replacing the US Federal Reserve’s previous practice of auditing daily transfers. However, the Central Bank decided to discontinue the platform at the beginning of 2024.

The closure triggered significant withdrawals of deposits by individuals and companies, amid concerns that the banks holding their funds might face bankruptcy due to non-compliance with the Central Bank’s requirements and the US Treasury Department’s standards.

According to Central Bank data, the total volume of deposits in Iraq’s commercial banks fell to its lowest level in 22 months, dropping to 123 trillion Iraqi dinars in November 2024, compared to 127.5 trillion dinars in October.

Between June and November 2024, deposits decreased by 7 trillion dinars, reflecting a continued trend of declining savings in the banking sector over recent months.