Egypt Turns to Citigroup to Manage Surging Food Costs
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Egypt is in talks with Citigroup Inc. to reach a deal on hedging against global wheat-price increases, the supply minister said, as the world’s biggest buyer of the grain struggles with rising commodity prices.
The ministry has also asked the Finance Ministry to reach a deal on hedging against vegetable oil price increases, Aly El-Moselhy told Bloomberg on Thursday. The moves comes as the government announced a price hike for subsidized cooking oil and re-entered the wheat market after balking earlier at the high prices.