Egypt is one of the world's biggest wheat importers and uses the purchases to make heavily subsidised bread, a politically sensitive benefit available to tens of millions of people.Most deferred payment cargoes have been shipped and unloaded without interruption so far and Egypt's state wheat reserves used to make subsidised bread have not been impacted. Following the war in Ukraine, Egypt now depends mostly on Russia for its wheat.Egypt's supply minister told Reuters the country's state grains buyer has deferred opening letters of credit to pay for wheat imports to alleviate financial pressures caused by a foreign currency shortage.
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