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Tuesday, 1 November 2016

New inspection regime reducing wheat price for Egypt

Some good news: The government’s new wheat inspection programme “will likely be easier to navigate and may lead to lower prices,” traders told Bloomberg. Alaa Ezz, the secretary general of the Federation of Egyptian Chambers of Commerce, expects the new system to lower prices by 5% in international tenders. The General Organization for Export and Import Control (GOEIC) “will be the sole state body responsible for wheat inspections at shipping and arrival ports, replacing government inspectors,” Bloomberg’s Salma El Wardany explains. “Traders can now discharge the cargo into bonded warehouses before receiving approval … Previously, suppliers had to keep grain in the shipping tanker for up to 10 days pending final approval.” Hesham Soliman, president of Medstar for Trading, told El Wardany “the pain of dealing with three different government bodies, each with its own standards and regulations was really impossible … There’s finally some clarity now. We will be dealing with just one entity… Egypt will start seeing better prices and more offers.”

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