July 12, 2010
Syria wheat-sufficient for two years
Syria's wheat crop this year and quantities stored from earlier crops are enough to meet the country's needs for two years, said a Syrian official on Monday (July 12).
The country's annual need for wheat is 2.5 million tonnes, said Suleiman Al Nasir, director general of Syria's General Establishment for Cereal Processing and Trade.
The Syrian government has purchased 2.3 million tonnes of wheat this year from local farmers at subsidised prices of up to SYP21 (US$0.45) per kg while the price on global markets is just SYP9 (US$0.19), Al Nasir said.
Local private and public sector banks have joined hands this year for the first time to finance the government's wheat purchases from Syrian farmers for a total of more than SYP57 billion (US$1.22 billion), he added.
