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Egypt Raises Local Wheat Procurement Price by 65 EGP

Egypt Raises Local Wheat Procurement Price by 65 EGP

Wednesday, 16 March, 2022 - 11:45
Mature spring wheat awaits harvest on a farm near Beausejour, Manitoba, Canada August 20, 2020. REUTERS/Shannon VanRaes/File Photo

Egypt's cabinet on Wednesday agreed to add 65 Egyptian pounds ($4.15) per ardeb (150 kilograms) to its procurement price of local wheat as an incentive for farmers to sell more of the local crop to the government ahead of the harvest.


The government will now pay 865-885 Egyptian pounds per ardeb depending on purity levels, the cabinet said.


The government has also asked the supply minister to set a pricing mechanism for unsubsidized bread, following orders from Egypt's president Abdel Fattah al-Sisi to control the price after it surged.


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