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Tuesday, 11 July 2017

Government keeps rice export ban in place

The Ismail government has decided to continue banning rice exports during the coming period until local consumption is fulfilled, Supply Minister Ali El Moselhy announced yesterday, Al Shorouk reports. The government had reinstated the export ban last year, after flip-flopping on the policy a few times. Egypt had been banning rice exports on and off since 2008 — rightfully so, considering how we don’t need to export water.

El Moselhy also said the government “would allow market forces to determine rice prices” during the upcoming marketing season. The vague statement does signal that it may ease up on the ban next season. On a related note, the minister discussed ways to maintain market prices at EGP 6 per kg of rice with Federation of Egyptian Chambers of Commerce head Ahmed El Wakil, head of the Agricultural Export Council’s rice committee Mostafa El Naggary, and the Federation of Egyptian Industries’ cereals chamber’s rice division chairman Ragab Shehata. Shehata had previously said rice prices are not expected to rise, as there is sufficient domestic supply.

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