New governmental measures to battle wheat black market

The Egyptian government has set the price of local wheat according to the price of imported wheat in order to battle the existence of a black market that financially burdens the state.

The government announced that it will import 7 million tons of wheat during the upcoming 2018/2019 fiscal year. The Ministry of Finance said that this year’s budget is based on purchasing 7 million tons of imported wheat at $184 for per ton, reaching $220 after adding packing and transportation expenses.

The Egyptian government recently approved purchasing 150 kilograms of wheat from local farmers at $34.1, which comes to $220 per ton.

Egypt annually consumes 14.5-15 million tons of wheat, exported and local, according to the state’s official statements.