Egyptian Government Considers Raising Wheat Procurement Price, Reviews Foreign Currency Measures

News in Brief: - The Egyptian government is considering raising the wheat procurement price to support farmers facing inflation. - They also reviewed measures to secure foreign currency for essential imports, noting recent improvements in forex inflows and decreases in local corn and soybean prices. The Egyptian government is expected to increase the local wheat procurement price paid to farmers this year. This is according to a statement released by the Cabinet in a bid to support farmers amidst rising inflation. The exact price increase will be finalised at a forthcoming ministerial meeting, the statement added. Led by Prime Minister Mostafa Madbouly, the Cabinet reviewed measures to secure the necessary foreign currency for importing essential commodities like wheat, cooking oil, and powdered milk. Governor of the Central Bank of Egypt (CBE), Hassan Abdullah, reassured the meeting that securing foreign currency for these strategic goods and essential medicines remains a top priority for the bank, in collaboration with relevant government bodies. The Cabinet also acknowledged reports indicating around $1.3 billion worth of commodities, medicine, and fodder currently held in customs due to foreign currency constraints. Additionally, the statement highlighted recent positive developments in foreign currency inflows. This, it reads, has led to a decrease in the prices of corn and soybeans in local markets. This announcement signifies the Egyptian government's efforts to address both agricultural support and foreign currency management challenges, aiming to ensure the availability of essential goods and stabilise local food prices.