CAIRO – 19 December 2022: Egypt’s Prime Minister ordered governors on Monday to deal decisively with merchants hiding or hoarding goods to sell them at higher prices.
In a meeting with the governors, Madbouly noted that the goods that will be seized from the merchants who exploit citizens will be sold at the fair prices that had been agreed upon earlier.
“Do not allow anyone to … make profits at the expense of citizens,” Madbouly said during the meeting.
Madbouly said complaints filed by citizens have reported that some merchants sell products at an excessively high price while the price of the same product may vary from a place to another.
He added that this has required relevant authorities to follow up on the market situation on a daily basis.
Over the past few weeks, products at many places in various Egyptian governorates have been sold at a significantly higher prices, causing the government to take measures to ensure that strategic products are sold at the fair price.
Last week, Madbouly gave small and large retailers a two-week deadline to put price tags on products, noting that talks are underway with the Federation of Egyptian Industries (FEI) and commerce chambers to set a price cap for specific strategic goods.
The prime minister stipulated that the government would not allow price exaggerations, and attempts to exploit the situation. Madbouly further noted that complaints have been flooding in about unjustified price hikes.
Late in October, Egyptian President Abdel-Fattah El-Sisi ordered ensuring the presence of sufficient strategic reserves of basic commodities while monitoring their prices to ensure market stability.
Sisi has earlier affirmed that the country is exerting its maximum possible efforts to curb rise in prices of goods as a result of the Russia-Ukraine war.
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