Egypt Hikes Allocations For Local Wheat Purchases -Report

Saturday, Jun 16, 2012

BEIRUT (Zawya Dow Jones)--Egypt's allocations for purchases of local wheat have increased to 7.5 billion Egyptian pounds ($1.24 billion) after the country's finance ministry transferred an additional EGP1 billion to the ministry of supply and internal trade, Cairo-based Al Ahram daily reports Saturday citing Minister of Finance Momtaz El Saeed.

Mr. Saeed attributed the increase to higher amounts of local wheat delivered to the ministry of supply and internal trade this season compared with previous years, the daily reports.

In related news, Mr. Saeed was reported as saying that his ministry has made available an additional $100 million to the Egyptian petroleum authority to finance its imports of petroleum products, bringing the total provided to the authority this fiscal year to more than $4.55 billion.

Egypt's fiscal year ends June 30.

Newspaper website: http://www.ahram.org.eg/Economy/News/155477.aspx

-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com

(END) Dow Jones Newswires

16-06-12 1255GMT