Egypt no longer settling for three months commodity reserves, goes for five-six

The Supply Ministry will no longer settle for a three months-worth “strategic” stock of commodities, and has raised the floor to between five and six months, according to a cabinet statement. Five to six months-worth of staples such as wheat, rice, cooking oil, and sugar will now have to be kept in the bank. This is part of a newly laid-out commodity strategy ahead of Ramadan. The Supply Ministry also said yesterday that the country currently has six months worth of rice reserves, according to Reuters. GASC yesterday purchased 114k tonnes of rice in an international tender.