Saudi Arabia Subsidizes Barley to Lower Prices
Saudi Arabia decided Monday to subsidize barley and exempt imports of the cereal from customs duties in an attempt to bring the price down, reported Saudi Press Agency (SPA).
King Fahd has "ordered subsidizes on barley and fixed the price of a 50-kilo sack at 20 riyals (5.30 dollars) until the reasons that necessitated this measure disappear," the agency said.
He also decided to scrap customs duty on cargoes of barley and authorize a greater number of merchants to import the cereal in a bid to bring down prices by increasing competition, SPA said.
"These measures have been taken to ease the suffering of cattle farmers due to the lack of pasture and the high price of barley and fodder," the agency added.
Barley prices in the kingdom have jumped over the past weeks to 30 riyals (eight dollars) for a 50-kilo sack following a rise in prices on the international market, SPA said - Albawaba.com
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