Egypt continues wheat subsidy

A day after the Egyptian Central Bank float their currency, the Minister of supply announced that it will adhere to the wheat subsidy. Egyptian farmer received in 2017 450 Egyptian pounds/Hamsa (150 kg), corresponding to a price of 30 USD/tonne the previously official exchange rate. The release of the currency is a condition of the International Monetary Fund, in which Egypt has requested a loan of $ 12 billion.
The market had until recently many rumors, whether keep the controversial wheat subsidy remains. The big difference between the world market price has led continually to subsidy fraud. In late summer was released at the height of the crisis Khaled Hanafi from his influential post as Minister of supply.
Observers suggest that the incentive for smuggling wheat remains high even after the currency cut and the concomitant decline in value yesterday. According to the current rate of today, the guaranteed price for wheat is still 200 USD/tonne. For other strategic goods such as rice, guaranteed prices were called, keep interesting cultivation for farmers. Import duties for sugar were completely deleted. Due to the economic crisis in the Sub-Saharan zone, the countries can afford there hardly any food on the world market.

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