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Rice to plummet to EGP5 in response to giving green light to imports

Monday 09 July 2018 05:07 PM

rice export ban Egypt
rice export ban Egypt

By Mohmed Magdy & El-Saway Ahmed & Ahmed El-Lahuny

Cairo  Chamber of Commerce predicted prices of rice to plummet to EGP5 per kilo on the backdrop of  yesterday's  presidential decision opening the door to rice  imports.
" Allowing  imports will increase rice supplies and lead ultimately to no less than 30% cuts in prices of the commodity," head of Foodstuff Division at CCC Amro Hamed told Al-Mal newspaper.
Giving the green light to imports coincides with August and September's harvest season, creating a large surplus and price cuts ranging between EGP5 and EGP6 according to degree of purity, he continued.
Ministry of Supply and Internal Trade kept on selling rice to ration card holders at prices lower than the market amounting to EGP6.5 per kilo until last April, then to EGP9 after a two-month shortfall.
Almost 80,000 tonne of rice, imported from India in 2014  to be sold to ration card holders, was received lukewarmly by them.
Ragab Shehata, chairman of Rice Division at Industries Federation's Grain Chamber of Commerce, lauded the presidential decision giving permission to rice imports for putting rice mills  into operation and thus safeguarding them against closure.
The Egyptian government has bought rice from farmers during last year's rice harvest season taking place in August and September of every year at prices ranging between EGP4300 and EGX6,000 per tonne.