Wheat, courtesy of Pixabay. Egypt has been deferring payments for shipments of wheat, vital for its extensive bread subsidy program, according to Supply and Internal Trade Minister Aly Moselhy and traders who spoke to Reuters. Wheat suppliers interviewed by Reuters said that banks working with the General Authority for Supply Commodities (GASC) have delayed opening 180-day letters of credit—letters sent by banks guaranteeing timely payment for the supplying party, fulfilled by banks and repaid to them by buyers—for weeks and sometimes months. Authorities have been “phasing” wheat payments with the vital commodity’s suppliers, delaying money transfers to avoid putting “pressure on the central
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