Prime Minister Mostafa Madbouly announced on Monday, 25 March, that the government had come to an agreement with private sector manufacturers and merchants to lower the prices of food commodities by 15-20 percent, and subsequently by 30 percent following Eid Al-Fitr. Madbouly also instructed the creation of a daily report to track pricing in cooperation with the General Federation of Chambers of Commerce and the Federation of Egyptian Industries (FEI). He also emphasised the need to establish a mechanism to lower prices in all outlets and shops and to reach out to retailers that interact directly with customers. During a meeting with prominent producers, manufacturers, and suppliers of food items, Madbouly clarified that the government was eager to assist the private sector and commercial chains, given the exceptional difficulty the Egyptian state was experiencing. The absence of physical currency and the volatility of the US dollar were two significant obstacles faced by the private sector, which were addressed by the state’s recent policies to stabilize the dollar price. He continued by saying that citizens are still unaware of how large-scale investments, like the Ras El-Hekma, European Union and the…
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Source: egyptianstreets
