Minister: Egypt has bought 1.6 mn tonnes of local wheat so far

 Egypt's supplies minister said on Tuesday that it has so far bought about 1.6 million tonnes of local wheat since the current season began in mid-April.

Speaking to Reuters on the sidelines of a conference in the Lebanese capital Beirut, Khaled Hanafi said:

"Until now, we've received about 1.6 million tonnes and this size changes every day. I think the percentage of procurement is higher than it's been in the past."

Egypt expects to take in around 3.7 million tonnes of local wheat for some LE10 billion ($1.31 billion) which will ensure it has strategic reserves until the beginning of October. The season for local wheat procurements ends in mid-July.

Hanafi said his country, the world's top wheat importer, had reduced its wheat imports by 20 percent in the current fiscal year ending in June since it implemented a new smart card system for subsidised bread.

Egypt imported 5.46 million tonnes of wheat in the fiscal year 2013/2014 in addition to procuring 3.7 million tonnes of local wheat. Hanafi said he expected a big drop in wheat imports in the 2015/2016 fiscal year, without being more specific.

Related Articles

Back to top button