The Egyptian Ministry of Agriculture and Land Reclamation, in co-operation with the Central Bank of Egypt (CBE), has secured over the past week the release from ports of 135,000 tonnes of corn and soy fodder worth $91 million.
About 56,000 tonnes of corn worth $20 million, 79,000 tonnes of soybeans worth $66 million and feed additives, $5 million were released, Minister of Agriculture el-Sayed el-Qoseir said in press statements on Monday.
This brings the total amount of fodder released from 16 October 2022 to 25 January to 2.3 million tonnes (1.6 million tonnes of corn and 702,000 tonnes of soybeans and feed additives worth a total $1.154 billion), the statement added.
In a previous statement, the minister said this policy will help bring down the prices of eggs and poultry, and stabilise the market.
Prices of basic goods have soared in recent months partly due to the accumulation of vast quantities of imported goods at ports after the government curbed import finance as hard currency was in short supply in recent months.
However, the government phased out these restrictions late last year after signing a new loan deal with the International Monetary Fund and adopting a flexible exchange rate in order to overcome the hard currency crunch.
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