Egypt’s Cabinet, in partnership with the Central Bank of Egypt (CBE), announced plans to introduce measures to combat the rising cost of essential commodities, according to a Facebook post by the Cabinet on 3 October. The announcement comes days after President Abdel-Fattah El-Sisi directed Minister of Supply and Internal Trade Ali Al-Moselhi to address the current price hikes during the ‘Hikayat Watan’ Conference on 2 October. Prime Minister Mostafa Madbouly received heads of commerce chambers, industry unions, food companies, and vendors across the country to discuss the forthcoming measures. The gathering also included the presence of CBE Governor Hassan Abdallah, as well as the Ministers of Supply, Finance, Agriculture, and Trade and Industry. The CBE, in particular, will collaborate to secure the necessary US dollars for procuring goods and will explore solutions to alleviate the prices of essential commodities. “We will work together to guarantee an ample supply of different goods in the Egyptian market in a way that contributes to decreasing the prices, particularly prices of food goods,” Madbouly was quoted saying in the statement. THE COMMODITY COST CRISIS The Egyptian local market has witnessed rising prices across several…
Egypt Plans to Regulate and Reduce Essential Commodities Prices
October 4, 2023
