Image: Reuters
State-run GASC recently opted to buy directly from global suppliers, instead of through its traditional tender system, as it looks for more competitive offers. GASC can also procure local wheat from farmers via the exchange, Ibrahim Ashmawy, deputy supply minister and chairman of the exchange, told Reuters on Sunday.
Egypt, typically the world’s largest importer of wheat, launched the new commodities exchange on Sunday, the supply ministry said in a statement, with GASC offering 12,000 tonnes of Russian wheat from its reserves to private sector mills. The move follows complaints by private importers and mills in Egypt struggling to pay for hundreds of thousands tonnes of wheat stuck at ports because of a dollar shortage that has curtailed imports, causing a spike in bread and flour prices.
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