CBE allocates $1.8b to secure strategic goods reserves for 6 months

Egypt’s central bank has allocated $1.8 billion to ensure six months of reserves in all strategic goods, Supply Minister Mohamed Ali El-Sheikh said on Wednesday.

Egypt already had five months worth of wheat and vegetable oil reserves, he said at a news conference.

The $1.8 billion has already been allocated and the supply effort will be made in coordination with the armed forces, he added.

Source: Reuters