Egypt's Banque Misr seen launching its first digital bank by May-end    Swvl to invest $20 million in Egyptian market this year    Gold prices in Egypt on May 19    Egypt to inaugurate new Sphinx International Airport in mid-July    Turkey's finance minister to visit Egypt for first time in 9 years    Finland and Sweden formally apply to join NATO alliance    Saudi Arabia prolongs Yemen central bank's deposit    Egypt Knauf launches its first training centre in Egypt    Egypt uncovers official logo for COP27    Noura Al-Mutair – first Gulf female boxer in World Championships    Egypt unveils 50 pound coin minted to mark Avenue of Sphinxes grand reopening    Liverpool fans: "You'll Never Walk Alone" to Cristiano Ronaldo    Hot, rainy weather hits Egypt this week    COVID-19 in Egypt: infections fall to 124 cases last week    Egypt to play key role in integrating water, climate issues globally – World Bank official    Egypt's telecoms regulator announces working hours for holy month of Ramadan    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt considers international rice tenders
Published in Daily News Egypt on 08 - 12 - 2011

CAIRO: Egypt's main government grain buyer said on Thursday it would issue international tenders to buy rice if local producers continue stocking up on the commodity.
"We are issuing a tender next week to buy both local and imported rice that is already in the country through private importers," Nomani Nomani, Vice Chairman of the General Authority for Supply Commodities (GASC), told Reuters.
If local traders continue to store their rice to push up prices, "international tenders will be the next step because if I import directly I can get better prices," he said.
The Arab world's most populous nation spends around $5.5 billion each year on food subsidies, a burden it can ill afford as the economy falters and foreign reserves tumble after the uprising that ousted president Hosni Mubarak in February.
Foreign reserves have plunged from $36 billion at the end of 2010 to about $20 billion at the end of November.
Several Asian countries had already expressed interest in selling the commodity direct to Egypt's government.
"There is interest from Thailand and several other southeast Asian origins such as the Philippines and Vietnam that have also said they want to export their rice to Egypt," Nomani said.
A meeting with Thailand's ambassador to Egypt has already taken place, he added.
Egypt, once a major medium-grain rice exporter, has had an export ban in place since March 2008 to head off shortages on the local market.
In 2007, Egypt exported 1.25 million tons of rice and provided around 35 percent of the medium-grain rice sold on the world market that year. Others, such as Russia, have grabbed Egypt's share since.
The government started procuring rice directly from local farmers in October in order to build reserves. The move was intended to smooth out the exaggerated prices that were offered during tenders for local rice.
"Despite that, the traders are stocking up on the rice and making the amount on offer in the market shrink," Nomani said.
Egypt needs 1.1 million tons of rice a year for its subsidy program, around a third of its total consumption of 3.34 million tons.
Farmers cultivated 1.7 million feddans (714,000 hectares) of white rice in the current season, placing production at around 4 million tons.
The repeated extension of the rice export ban has meant traders are prevented from selling the country's niche medium-grain rice at higher prices abroad.
"They are stocking up on the rice as they want to get a higher price for it. If they are not going to export then they want the price that is equivalent to what they would get if they were exporting," Nomani said.
Nomani said if he was presented with suitable prices and a quantity of around 250,000 tons in the coming tender, he will not issue an international tender.
"If I find the prices and quantities are not good then I will start importing directly, exactly like wheat," he said.


Clic here to read the story from its source.