Commodities prices expected to stabilize in Ramadan

CAIRO – 20 April 2017: Commodities prices are expected to stabilize throughout the holy month of Ramadan, said MP Mahmoud Al-Saidy, attributing that to fixed dollar rates across banks.

Saidy moreover called on issuance of a list of “indicative prices for most basic staple foods throughout the holy month to help tighten the government’s grip on markets and to consequently avoid customer manipulations.”

Agreeing with his colleague, MP Mohamed al-Zeiny, the Head of the Chamber of Commerce in Damietta expects stable food prices to stabilize and even lower, affected by fixed dollar exchange rates and government’s preparations to pump huge amounts of commodities in official outlets.

Zeiny elaborated that the commodities file is a priority for the Parliament, stressing the necessity of increasing domestic production referring that Ministries of Agriculture, Industry and Supply are laying out plans to encourage private sector to establish more of local food projects.