No export restrictions from Russia on Egypt

Egypt is not among the countries that Russia will restrict the exports of wheat to, said Minister of Supply and Internal Trade Khaled Hanafy in a ministry statement Sunday.

Russia recently took a decision to restrict the exportation of wheat to some countries.

Expectations of an increase of wheat prices exported from Russia to Egypt were denied by the Ministry of Supply and Internal Trade’s official spokesman.

Hanafy added that Egypt’s strategic reserves of wheat exceed safety limits. He highlighted that the General Authority for Supply Commodities (GASC) recently contracted to purchase 300,000 tons of wheat from France and Russia to produce subsidised bread through a global tender.

Egypt bought 240 tonnes of French wheat alongside 60 tonnes of Russian wheat, at an average price of $273 per tonne. The purchased amount is to be supplied to Egypt starting 21 January 2015, over a period of 10 days.