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Sunday, 5 February 2017

Supply Ministry’s reserves last more than four months, gov’t to curb price increases

Egypt has a five-month reserve of wheat, Supplies Minister Mohamed El Sheikh said, according to Reuters’ Arabic service. Stocks of sugar and rice are also in good health, he added, saying there is enough of them to last for four months. Cooking oil reserves could last for five months. The ministry has issued tenders for wheat imports, but new guidelines and quality specifications will be issued in two weeks’ time to regulate the process, El Sheikh added. Separately, the minister said the increase in prices of staple commodities for ration card holders was in response to international price increases as well as the EGP depreciation, but stressed that the government will move to curb price increases, Ahram Gate reported.

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