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Egypt’s Minister of Agriculture Elsayed al-Quseir, said that during the period between April 28 and May 3, 237K tons of corn and soybeans worth about US$107 million, were released from ports. This is an increase of 22,000 tons over the last week.
Egypt’s Minister of Agriculture Elsayed al- Quseir, said that during the period between April 28 and May 3, 237K tons of corn and soybeans worth about US$107 million, were released from ports. This is an increase of 22,000 tons over the last week.
Al- Quseir, confirmed that the release of fodder supplies was continuing in coordination with the Central Bank, in light of the directives of Prime Minister, Mustafa Madbouly. He explained that the release included 189K tons of corn at about US$68 million, about 48,000 tons of soybeans, at a value of about US$36 million, and feed additives at about US$3.4 million.
The total amount released during the period from October 16 to May 3 was 4.5 million tons, including 3.3 million tons of corn, 1.2 million tons of soybeans, and feed additives, with a total amount of US$2.2 billion. In December, the Egyptian Cabinet announced plans to release goods at the ports, especially food products, medicines, and production requirements, which have been stuck at ports for months due to a shortage in foreign currency amid the global economic crisis. This came shortly after the Central Bank of Egypt (CBE) announced canceling the letter of credit (LC) system as a requirement for imports.
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The CBE’s February decision to oblige banks to deal with LCs was blamed for causing Egyptian ports to be full of stranded goods worth billions of dollars. The CBE said in a statement that it decided to restore the documentary collections system for imported goods. The decision to enforce the LCs system, effective since March, had required Egyptian banks to accept only LCs for imports in a bid to curb dollar outflows from the country.
