The Central Bank of Egypt (CBE) has allocated USD1.8bn to ensure six months of reserves in all strategic goods, and the supply would be made in coordination with the Armed Forces, according to the Minister of Supply Mohamed Ali El-Sheikh. Egypt already has five months’ worth of wheat and vegetable oil reserves, El-Sheikh said, adding that the Ministry would seek to end procurement of wheat to open air silos by next year's buying season and move to more sophisticated climate-controlled silos that are designed to minimise waste and prevent fraud. A committee composed of officials from the Ministries of Supply, Agriculture and Finance had been established to determine the proper price for local wheat to be procured next year, he said. (Reuters)