Arab Finance: Egypt's Ministry of Public Enterprise Sector revealed that a total of 1.6 million tons quintals of cotton were sold since the start of the current season in September 2021, according to a statement on February 12^th.

The amount were sold for EGP 8.9 billion via 135 auctions in 15 governorates, with the participation of 54 cotton trading companies.

The ministry said those actions were conducted in the governorates of Kafr El Sheikh, Sharkia, Dakahlia, Ismailia, Port Said, Qalyubia, Beheira, Damietta, Menoufia, Gharbia, Fayoum, Beni Suef, Assiut, Sohag, and Minya.

Public Enterprise Sector’s Minister Mahmoud Esmat said that cotton auctions will last until the end of this month, adding that supplying cotton to gins will kick off next March.

He added that Egypt’s cotton selling system guarantees fair prices for farmers, as the auction opening price is linked to international prices.

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