Egypt talking to banks about hedging for commodities | CIHEAM Press Review | Scoop.it

By Reuters, 15/10/2018

Egypt, the world's largest wheat importer, is in the early stages of talks with international banks over a plan to hedge against the global rise in commodity prices, a government source said on Monday 15.

Egypt’s Finance Minister Mohamed Maait said in September his country was ready to implement an oil hedging policy but was waiting for the market to cool off. Cairo spends around $1.5 billion annually on wheat imports to stock a sprawling bread subsidy program relied on by tens of millions of Egyptians.