{"id":611758,"date":"2023-12-12T00:00:00","date_gmt":"2023-12-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/12\/govt-taps-sugar-reserves-to-calm-soaring-prices\/"},"modified":"2023-12-12T00:00:00","modified_gmt":"2023-12-12T00:00:00","slug":"govt-taps-sugar-reserves-to-calm-soaring-prices","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/12\/govt-taps-sugar-reserves-to-calm-soaring-prices\/","title":{"rendered":"Gov\u2019t taps sugar reserves to calm soaring prices"},"content":{"rendered":"

The Madbouly government has turned to its strategic sugar reserves in a bid to put a lid <\/strong>on soarin<\/strong>g <\/strong>prices<\/strong>, Asharq Business<\/a> reports, citing a government source. The Supply Ministry will dump 240k tonnes into the market this month to fill the supply gap to reduce the volatility, which has continued despite a raft of measures put in place by the government to restore calm.<\/p>\n

It has never been more expensive to have a sweet tooth:<\/strong> Sugar prices have soared to record highs in recent weeks and have jumped more than 50% in the past week alone. A kilo of the white stuff is now going for more than EGP 55.<\/p>\n

Blame:<\/strong> The FX crunch<\/a> and hoarding.<\/p>\n

What does this do to our reserves?<\/strong> The official told the news outlet that before the withdrawal reserves were sufficient to last 5.5 months, but did not disclose a specific quantity. Supply Minister Ali El Moselhy said<\/a> at the end of October that the country had 2 mn tons in reserve. Current demand is around 245k tonnes a month, the source said.<\/p>\n

We\u2019re getting a top-up:<\/strong> An 86k-tonne shipment arrived on Friday, and another 100k tonnes are set to be delivered in January, according to the source.<\/p>\n

Time for Plan D:<\/strong> The ministry has introduced a number of measures to calm prices in recent days: exports are banned, suppliers have been barred from selling to traders<\/a> and sugar has been restored to ration cards<\/a>, while an attempt was made last month to persuade businesses to reduce prices<\/a>. Earlier this month, El Moselhy floated the possibility of introducing price controls<\/a> if the market remains volatile.<\/p>\n

MEANWHILE- The government has extended its ban on onion exports <\/strong>through 30 March 2024 in a bid to maintain supply and tamp down prices, according to a cabinet readout.<\/a> The ban, imposed in September<\/a> to curb soaring local prices that saw onions trading hands at up to EGP 35 per kilo, was set to expire at the month\u2019s end.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sugar prices have hit record highs this year and have soared more than 50% inside the last week alone<\/p>\n","protected":false},"author":1,"featured_media":611759,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7305],"tags":[317,72,182,777],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-enterpriseam","tag-inflation","tag-supply-ministry","wpautop","entry"],"acf":{"mongo_id":"280b9a88-c11d-4f40-a8a1-c5fd5aeee897","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/1646.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt taps its sugar reserves to calm soaring prices","related_issue":[611749],"teaser":"Sugar prices have hit record highs this year and have soared more than 50% inside the last week alone","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.28f74011-40fb-4d81-85f5-e0908445f15c.mp3"},"yoast_head":"\nGov\u2019t taps sugar reserves to calm soaring prices - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/12\/govt-taps-sugar-reserves-to-calm-soaring-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t taps sugar reserves to calm soaring prices\" \/>\n<meta property=\"og:description\" content=\"Sugar prices have hit record highs this year and have soared more than 50% inside the last 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The Federation of Egyptian Chambers of Commerce had previously been lobbying to postpone the\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578186,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/19\/a-new-task-force-will-suggest-fair-prices-for-up-to-15-strategic-commodities\/","url_meta":{"origin":611758,"position":4},"title":"A new task force will suggest fair prices for up to 15 strategic commodities","author":"enterpriseam admin","date":"19 December 2022","format":false,"excerpt":"The Supply Ministry has set up a committee to determine the \u201cfair price\u201d of a number of foods classed as strategic commodities amid soaring inflation. 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