Egypt makes nice with rice: ban on exports lifted

Egypt makes nice with rice: ban on exports lifted
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Published October 6th, 2015 - 10:00 GMT via SyndiGate.info

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Egypt has previously imposed rice export bans according to fluctuating demand. (Shutterstock)
Egypt has previously imposed rice export bans according to fluctuating demand. (Shutterstock)

Egypt will allow rice to be exported over the next six months at LE2000 ($255.2) per tonne, the industry and foreign trade ministry said in a statement on Sunday.

According to the ministry decree, the fee must be paid in an exchangeable foreign currency via Egyptian banks.

The decision, based on projections of a surplus, follows the ban on rice exports imposed last month when consumption was estimated to exceed production.

In an August press release the ministry said rice production for the fiscal year 2015/16 was estimated at 2.7 million tonnes while domestic consumption was expected to reach 3.6 million tonnes, with the gap to be covered by the 750,000 tonnes left over from the previous year.

The ministry was not immediately available to comment on the new estimates.

The export decision on Sunday does not include any export licenses granted based on the 2014 allowance.

The government has imposed various export bans on rice since 2008 as domestic demand has fluctuated.
 

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