Latest news with #MinistryofSupplyandInternalTrade
See - Sada Elbalad
5 days ago
- Business
- See - Sada Elbalad
Data Reveals: Egypt's Rising Gold Export Value Driven by Global Prices, Not Industrial Growth
Waleed Farouk Despite recent discussions about a surge in Egypt's gold exports, available data paints a different picture, indicating that there hasn't been a substantial boom. Statistics show that roughly 90% of the gold exported is raw gold—a long-standing practice in the Egyptian market aimed at securing foreign currency and providing local cash liquidity. This trend became more apparent after the Central Bank intervened and lifted the valuation fees on raw gold exports, following an earlier decision by the Ministry of Supply and Internal Trade in 2021 to impose those fees in line with those applied to jewelry exports. Why Have Export Values Increased? The primary reason is the rise in global gold prices, not an actual increase in export volumes or an improvement in local industry. Therefore, much of the narrative from the Precious Metals Division seems more like an attempt to maintain media visibility. The most critical indicator in this context is the volume of jewelry exports, as it is the only metric that reflects real added value for the domestic industry. In contrast, collecting scrap gold, melting it, and reselling it abroad does not constitute genuine industrial growth. How Much Jewelry Does Egypt Export? This question can only be answered precisely through official data issued by the Assay and Weights Authority and Customs Authority. However, according to sector sources, following the December 2022 decision by Minister of Supply and Internal Trade Dr. Ali Al-Moselhy to remove valuation fees on jewelry exports, some companies attempted to enter the export market. Nevertheless, the numbers remain limited. Business owners confirm that Egypt's total jewelry exports since the beginning of the year have not exceeded 100 kilograms—a modest figure compared to regional markets. Moreover, the total value read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
Egypt Today
14-06-2025
- Business
- Egypt Today
Egypt reassures citizens: Strategic reserves of all basic commodities sufficient for 6 months
File- Food market- Photo courtesy of IFAD Facebook page CAIRO – 14 June 2025: Amid the ongoing regional developments and their potential impact on global markets, Egypt's Ministry of Supply and Internal Trade has confirmed that the country's supply situation remains fully stable, with an abundance of all essential commodities sufficient to meet citizens' needs for extended periods. Dr. Sherif Farouk, Minister of Supply and Internal Trade, stated on Saturday that the ministry has implemented a series of proactive measures—coordinated with relevant authorities—to secure the local market's requirements for basic commodities. These efforts aim to ensure market stability and the continued availability of essential goods in adequate quantities and at reasonable prices. The Minister noted that Egypt's strategic reserves of all basic commodities currently exceed six months, reflecting the state's preparedness and ability to manage any potential disruptions stemming from regional or international developments without compromising commodity availability or market equilibrium. Iran launched a devastating missile attack on central Israel on early hours of Saturday in retaliation for Israeli airstrikes earlier that day targeting Tehran and Iranian nuclear facilities. The Israeli strikes reportedly killed hundreds, including military leaders and nuclear scientists. Dozens of Iranian missiles fell on Tel Aviv, causing widespread destruction to residential buildings and forcing hundreds to evacuate their homes. Three Israelis were killed and more than 170 others injured so far according to the Israeli MDA Ambulance amid continuing the military escalation between the both sides. Iranian TV reported that about 60 civilians, including 20 children, were killed in yesterday's Zionist attack on a 14-story residential complex in Tehran. Other more than 70 Iranian were killed on Friday. Also, Iranian media outlets reported that besides killing military leaders and nuclear scientists by the Israeli strikes on Friday, more military leaders in Iran were killed including General Gholam Reza Mharabi, deputy head of the intelligence department, and General Mehdi Rabbani, Deputy Chief of the Operations Department of the Iranian Armed Forces.
Egypt Independent
13-04-2025
- Business
- Egypt Independent
Egypt's Bakeries Division reveals expected increase in Fino bread prices
The head of the Bakeries Division, Abdullah Ghorab, said that a meeting will be held on Sunday at the Chamber of Commerce to coordinate with the Ministry of Supply and Internal Trade regarding the price of tourist (non-subsidized) and Fino bread, following the recent increase in fuel prices. During a phone interview with Ahmed Moussa's TV show 'Ala Massoulity' (On My Responsibility) on Saturday evening, Ghorab said that there will be an increase in the price of tourist and Fino bread. He pointed out that baking a sack of flour consumes 16 liters of diesel. Ghorab explained that the price of tourist and Fino bread is expected to increase by no more than 25 percent, noting that the weight of the loaf will remain unchanged. He pointed out that the increase in diesel prices significantly impacts bread production.
CairoScene
12-03-2025
- Health
- CairoScene
National Flour Fortification Programme Revived to Tackle Anaemia
In partnership with the UN World Food Programme, subsidised bread will now be made with a fortified mix. Mar 12, 2025 The National Flour Fortification Programme has been launched by the Ministry of Supply and Internal Trade (MOSIT), the Ministry of Health and Population (MOHP), and the National Nutrition Institute, in collaboration with the United Nations World Food Programme (WFP). This programme constitutes a part of the initiative to improve nutrition and public health, particularly in response to the growing prevalence of Iron-Deficiency Anaemia. The programme has created a fortification mix endorsed by the NNI which will enrich the subsidised wheat flour used for baking bread by adding the essential micronutrients of iron and folic acid. Sufficient amounts of this fortification premix have been sourced for the programme's first phase as result of initial funding from the German government. The Egyptian government and the WFP are working to roll out this fortified subsidised bread in 13 governorates with the highest rates of anaemia through public bakeries. The WFP has also facilitated the training of over 600 millers operating flour mills nationwide. Anaemia, particularly iron-related anaemia, is a growing challenge to public health in Egypt, with the 2021 Population Research Report, issued by the Central Agency for Public Mobilization and Statistics, revealing a rise of 43% among children under five and a notably high prevalence among women of reproductive age.
CairoScene
23-02-2025
- Business
- CairoScene
Bakery Operating Hours Extended in Ramadan 2025 to Meet High Demand
Exempted bakeries can operate until 9 PM, including those in crowded areas, in remote regions or under special systems. Feb 23, 2025 The Ministry of Supply and Internal Trade has announced the operating hours for bakeries during Ramadan 2025, varying by governorate based on local demand. Some bakeries will be exempt from these hours to ensure bread availability during peak times, as determined by supply directorates. Exempted bakeries will be allowed to operate until 9 PM, following each directorate's plan. These include bakeries in high-density areas, bakeries near markets and commercial zones with high foot traffic, bakeries in rural and remote areas to ensure bread supply for residents, and bakeries operating under special systems as per supply directorate decisions. This includes bakeries that serve specific institutions, follow special production methods, or have agreements with local authorities to meet particular demands. Most bakeries will open at 7 AM, while others will operate from 8 AM to 5 PM. The ministry emphasised the need for strict supply monitoring during Ramadan to ensure the availability of essential goods and high-quality local bread, particularly during peak hours.
