New governmental measures to battle wheat black market

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Wed, 18 Apr 2018 - 11:59 GMT

Wheat – Pixabay

Wheat – Pixabay

CAIRO – 19 April 2018: The Egyptian government has set the price of local wheat according to the price of imported wheat in order to battle the existence of a black market that financially burdens the state.

The government announced that it will import 7 million tons of wheat during the upcoming 2018/2019 fiscal year. The Ministry of Finance said that this year’s budget is based on purchasing 7 million tons of imported wheat at $184 for per ton, reaching $220 after adding packing and transportation expenses.

The Egyptian government recently approved purchasing 150 kilograms of wheat from local farmers at $34.1, which comes to $220 per ton.

Egypt annually consumes 14.5-15 million tons of wheat, exported and local, according to the state’s official statements.

The government plans to buy 4 million tons of wheat from local farmers during the current harvest season.

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