Egypt working to import wheat from regions other than Russia and Ukraine By Reuters

Bank of England raises key rate by 50 bps to 4%; suggests peak rates by mid-year

Egypt working to import wheat from regions other than Russia and Ukraine

Commodities Feb 27, 2022 00:17

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Egypt working to import wheat from regions other than Russia and Ukraine

CAIRO (Reuters) -Egypt, often the world's top wheat importer, is working on a plan to buy wheat from other regions rather than Russia and Ukraine, the state news agency reported, citing Cabinet spokesman Nader Saad.

"There are 14 approved countries Egypt could import wheat from, some of which are outside Europe," Saad told a local television channel late on Saturday.

Russia and Ukraine are frequently the top exporters of wheat to Egypt, making up around 50% and 30% of its wheat imports in 2021, respectively, data from two regional traders shows.

Saad said Egypt's current wheat reserves and future local wheat purchases would be sufficient for nearly nine months.

Due to concerns over Russia's invasion of Ukraine, the central bank of Egypt and the government are working together "to secure the country's needs," Saad added.

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