Egypt’s state grains buyer will be able to make international wheat purchases through a newly launched exchange that is also aimed at eliminating local price distortions.
With grain markets disrupted this year by fluctuating prices and the war in Ukraine, Egypt’s General Authority for Supply Commodities (GASC) has been diversifying its purchasing methods.
It recently opted to buy directly from global suppliers, instead of through its traditional tender system, as it looks for more competitive offers.
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GASC can also procure local wheat from farmers via the exchange, said Ibrahim Ashmawy, deputy supply minister and chair of the exchange.
“If today GASC is a seller (on the exchange), tomorrow it can be a buyer,” Ashmawy said. “It’ll have different channels.”
GASC had asked global suppliers to register by November, but traders said there was confusion over whether the suppliers or their local agents were required to do so.
