CAIRO: Egypt, a major wheat importer, has set the procurement price of local wheat at 2000 Egyptian pounds ($41.32) per ardeb (150 kilograms) for the 2024/2025 season, the cabinet said on Wednesday.

A cabinet statement said it raised the procurement price from 1600 pounds, previously announced in November for the 2024 season, which was worth $51.86 before Egypt devalued its currency last week to curb rising inflation.

On March 6, the Egyptian pound was cut to about 50 to the dollar from just under 31 pounds, where it had been fixed for the previous 12 months. Since then, the pound has gradually strengthened, trading at 48.40 on Wednesday.