Singapore markets close in 34 minutes
  • Straits Times Index

    3,097.97
    -4.24 (-0.14%)
     
  • Nikkei

    25,935.62
    -457.42 (-1.73%)
     
  • Hang Seng

    21,859.79
    -137.10 (-0.62%)
     
  • FTSE 100

    7,148.73
    -20.55 (-0.29%)
     
  • BTC-USD

    19,714.34
    +365.29 (+1.89%)
     
  • CMC Crypto 200

    424.10
    -7.37 (-1.71%)
     
  • S&P 500

    3,785.38
    -33.45 (-0.88%)
     
  • Dow

    30,775.43
    -253.88 (-0.82%)
     
  • Nasdaq

    11,028.74
    -149.16 (-1.33%)
     
  • Gold

    1,793.50
    -13.80 (-0.76%)
     
  • Crude Oil

    105.60
    -0.16 (-0.15%)
     
  • 10-Yr Bond

    2.9720
    0.0000 (0.00%)
     
  • FTSE Bursa Malaysia

    1,448.95
    +4.73 (+0.33%)
     
  • Jakarta Composite Index

    6,794.33
    -117.25 (-1.70%)
     
  • PSE Index

    6,165.35
    +9.92 (+0.16%)
     

Egypt says government purchases exempted from India’s wheat exports ban

  • Oops!
    Something went wrong.
    Please try again later.
·2-min read
Egypt's Supply Minister Ali Moselhy speaks to the media during a news conference about the launch of the Government’s local wheat harvest in Beni Suef, south of Cairo
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

CAIRO (Reuters) - Any agreements by Egypt's government to purchase Indian wheat will not be affected by an export ban announced by New Delhi, Egypt's supply minister said on Sunday.

"For India, we are talking with them on the basis of a government agreement. The ban exempts governments including the government of Egypt," minister Ali Moselhy said at a news conference.

Egypt, the world's largest wheat importer, faces a challenge securing wheat after Russia's invasion of Ukraine further inflated high global prices and disrupted relatively cheap Black Sea supplies that Egypt had increasingly relied on.

It approved the import of Indian wheat, only for India to ban wheat exports on Saturday as a scorching heat wave curtailed output and domestic prices hit a record high.

However, India said it would still allow exports backed by letters of credit that were already issued, and sales to countries that request supplies "to meet their food security needs".

Egypt's government had agreed to buy half a million tonnes of wheat from India, Moselhy said in separate comments to Reuters on Sunday.

Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), typically purchases wheat through international tenders, but Moselhy told the news conference that the cabinet had approved direct purchases from countries or companies.

Egypt was in talks with India, Australia, Kazakhstan and France for such deals, he said.

Moselhy also said Egypt had turned away a ship which Ukraine's embassy in Cairo has alleged was carrying wheat from Russian-controlled areas of Ukraine, on the grounds it did not have the proper paperwork.

"There were no shipping documents and there was no request for purchase from any private or government body. We refused its entry to Egyptian ports," Moselhy said.

(Reporting by Sarah El Safty and Momen Saeed Atallah, Writing by Yasmin Hussein; Editing by Peter Graff)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting