Arab Finance: Minister of Supply and Internal Trade Ali El-Moselhy has proposed raising the subsidized sugar price to EGP 18 from EGP 12.6 per kilogram (kg), the minister told CNBC Arabia.

He noted that the government bears over EGP 23 for every kg of subsidized sugar.

The proposal aims to fix price imbalances, given that the price of unsubsidized sugar has reached EGP 35 so far, El-Moselhy added.

Furthermore, the minister asserted that local wheat supplies have reached 3.3 million tons so far, noting that the deadline for receiving local wheat will be by the end of July.

^{It is worth noting that the price of a subsidized bread loaf increased to EGP 0.20 as of June 1st}.

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