CAIRO - 26 March 2024: Prime Minister Mostafa Madbouly has unveiled a collaborative effort with traders and manufacturers aimed at reducing commodity prices. The initiative seeks to achieve a significant price reduction of 15 percent to 20 percent within 48 hours.
Furthermore, the decline in prices will continue to intensify in the coming days, ultimately reaching a substantial reduction of 30 percent after the conclusion of Eid Al-Fitr.
Madbouly present the new initiative during the meeting with representatives from the private sector, including manufacturers, suppliers, and retailers.
In light of the Egyptian pound's stabilization and the decline of the black market exchange rate to approximately LE 46, Madbouly underscored the necessity for substantial reductions in prices, going beyond minor percentages of 2 percent, 3 percent, or 5 percent.
To facilitate the process, the government, in collaboration with the banking system, has successfully completed customs release procedures for goods valued at over $4.5 billion.
The price reduction plan encompasses a wide range of essential commodities, including food items, beverages, and household essentials.
As part of the initiative, the previous prices will be crossed out, and the new reduced prices will be clearly displayed, Minister of Supply and Internal Trade, Ali Moselhy, added.
The reduction is expected to reach 20 percent for certain commodities such as beans and lentils, Moselhy added.
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