The Egyptian government fixed the price of bread today. Prime Minister Mustafa Madbouly declared that the price of 1 kilogram (2.2 pounds) is 11.5 Egyptian pounds ($0.63). The regulation applies to nonsubsidized bakeries, the state-owned news outlet Al-Ahram reported.
Egypt’s pound has depreciated by almost 14 percent after weeks of pressure on the currency as foreign investors pulled out billions of dollars from Egyptian treasury markets following Russia’s invasion of Ukraine.
Egyptian President Abdel Fattah el-Sisi hosted Israel’s prime minister and the de facto leader of the United Arab Emirates on Monday, two Egyptian security sources have said, as talks to revive a nuclear deal with Iran remain in limbo.
India is in final talks to start exporting wheat to Egypt, reports the Economic Times, as the Russian invasion of Ukraine has disrupted the wheat supply from the leading exporters.
The Finance Ministry announced that it would be implementing emergency measures worth over US$7 billion to mitigate the ripple effects of global inflation and supply chain disruptions, crises that have been compounded in recent weeks by the repercussions of the Russian war on Ukraine.
A Professor of Geology and Water Resources at the Cairo University Abbas Sharaky announced that Ethiopia aims to store 10.5 m3 billion at 595m in the upcoming rainy season this year.
Marsad Egypt Egyptian Security Sector Observatory