Egypt’s state grains buyer will be able to make international wheat purchases through a newly-launched exchange that is also aimed at eliminating local price distortions, its chairman said, Report informs, citing the foreign press.

With grain markets disrupted this year by fluctuating prices and the war in Ukraine, Egypt’s General Authority for Supply Commodities (GASC) has been diversifying its purchasing methods.

Egypt launched the new commodities exchange on November 27, the supply ministry said in a statement, with GASC offering 12,000 tonnes of Russian wheat from its reserves to private sector mills.