The Egyptian Agriculture Export Council called for reconsideration the decision of banning to export rice, saying the lifting the ban would yield $400 million, said the council chairperson Abdel Hamid el Demerdash.
On August 11, Trade Minister Tarek Qabil decided to halt the exportation of rice outside the country to cover the domestic market’s needs and to keep prices stable, state T.V reported.
The decision comes “to curb all manipulation and fraud attempts by smugglers” after the price of Egypt’s main commodity soared to nine EGP ($1.7) per kilogram, said Qabil.
In its weekly meeting on Wednesday, the Egyptian Cabinet decided to purchase rice from farmers for 2,300 Egyptian pounds per ton, Youm7 reported.
