Egyptian Gov’t Announces New Initiative to Lower Commodity Prices

Egyptian Prime Minister Mostafa Madbouly announced that the government, manufacturers and traders have agreed on an initiative to lower commodity prices.

The Prime Minister added: "We are working together to have an abundance in various commodities in the markets, which contributes to the decline in prices, especially food commodities, and we are working in coordination with the Central Bank to provide the required dollar component, and we are jointly developing solutions that ensure low commodity prices."

In its statement on the price reduction initiative, the Council of Ministers explained that during the meeting, various aspects of the price reduction initiative for commodities were reviewed, and it was agreed that the announcement will be all its details next week, in coordination with the Central Bank and the concerned ministries.

The Minister of Supply referred to the meetings held with the various concerned authorities, with the aim of determining a number of basic commodities to be provided at appropriate prices, pointing in this regard that work will be done to provide any dollar component needed, in coordination with the Central Bank, in order to reduce the prices of these commodities, explaining that agreement will be made with various trade chains in this regard in this regard, in order to achieve the goal of the consumer feeling a real reduction in prices.

During the meeting, Ahmed Al-Wakil pointed to the cooperation and coordination with various concerned ministries, the Central Bank and the Federation of Industries, to implement a number of initiatives that would contribute to the provision of basic commodities at reduced prices, stressing that this comes in implementation of the continuous directives, with the need to provide basic commodities in appropriate quantities and prices.