Egypt receives 90K heads of cattle from Sudan

CAIRO – 22 April 2017: Egypt has received 90,500 heads of cattle from Sudan in order to supply fresh meat to consumer complexes as well as “Ahlan Ramadan” (Hello Ramadan) Supermarket exhibition, the Food Industries Holding Company (FIHC) said on Sunday.

Ahlan Ramadan exhibition, to be held at the Cairo International Conference Center, will be inaugurated on Monday and to run through Friday with the aim of controlling market prices in the wake of the high inflation rate over the past months.

Sudanese fresh meat will be available at the exhibition at LE 80 ($4.4) per kilo, where large amounts of frozen meat will be sold for LE 69 per kilo, FIHC Chairman Mamdouh Abdel Fattah told Egypt Today.

Food items like rice, oil, pasta, lentils, beans, dairy products and fish will be available at “Ahlan Ramadan” at 20 percent less than their original prices.

Earlier in the month, the Central Agency for Public Mobilization and Statistics (CAPMAS) said that Egypt’s headline inflation surged to 32.9 percent year-on-year in April, compared to 10.9 percent last year.

The Central Bank of Egypt decided on Sunday to hike its overnight deposit rate to 16.75 percent from 14.75 percent and its overnight lending rate to 17.75 from 15.75 percent.

This decision meets the International Monetary Fund’s (IMF) demands to surge the interest rates in order to tame the rising inflation.