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Wednesday, 19 July 2017

Farmers complain about being hit by the high interest rates

Farmers are concerned about their ability to build capacity, meet current debt obligations and increase output as a result of the latest 200 bps interest rate hike, one farmer told Al Mal. Cutting fuel subsidies and the EGP float was also cited as a concern for farmers. He adds many farmers doubt they will be able to remain in business, as the state refuses to increase the prices at which it buys their crops sufficiently, regardless of the increased cost of business they are suffering from. This came as the Agriculture Ministry may announce new, higher prices for purchasing local cotton after farmers objected to the prices it set earlier this week, an unnamed ministry source tells Al Mal..

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