Egypt Removes Pricing Caps for Rice

Egypt's government has recently cancelled its decision to regulate the prices of rice in a bid to ensure food availability for a long time.

The cabinet has terminated its decision to put a cap on the prices of the rice harvest after it issued a three-month fixed price scheme for rice, in which the price was at set at EGP 12 per kg, EGP 15 per kg, and EGP 18 per kg for premium kinds.

According to a statement issued in November of 2022, Prime Minister Mostafa Madbouly, and Minister of Supply and Internal Trade Ali Moselhi noted that the Minister of Supply and Internal Trade has received 140,000 tonnes of rice from farmers since the beginning of the harvest season in May, which can cover until mid-December.

The ministry also plans to receive 1.5 million tonnes of long-grain rice from farmers during the current harvest season, said Moselhi, adding that Egypt’s production of rice is sufficient to cover 100 percent of its consumption, noting that Egypt produces 3.5 million tonnes of rice and consumes 3.2 million tonnes.

For his part, the Prime Minister also issued directives for extending the ban on rice exports in order to meet local market needs.