Egypt may import wheat in Indian rupees and Chinese yuan; Moselhi
Egypt could import wheat in return for foreign currencies other than the US dollar, such as the Indian rupee and Chinese yuan, according to Minister of Supply and Internal Trade Ali Moselhi.
According to Asharq Business, Moselhi stated that the matter remains under discussion and that no binding agreements have been made.
The minister asserted at a press briefing on Saturday that the strategic wheat stockpile has been reduced to 2.6 months owing to government supply to mills and pasta producers to stabilize prices.
Moreover, the minister noted that Egypt has purchased 365,000 tons of wheat from local farmers since the beginning of the harvest season, which began earlier in April.
He unveiled that Egypt seeks to import around five million tons of wheat in 2023.
Egypt announced an increase of 20 percent in the local wheat procurement price for the forthcoming harvest season on April 12, lifting it from EGP 1,250 per ardeb (1 ardeb = 150 kg) in January.
The Government plans to buy four million tons of local wheat from farmers this harvest season, down from 4.2 million tons the previous season, which fell short of the six million tons announced by government officials in early 2022.
According to data from the Ministry of Supply, Egypt imports 60% of its basic food requirements.
