Commodities
During the meeting, Madbouly delegated the task of devising a plan to ensure the availability of goods and price control to Minister of Supply and Internal Trade, Sherif Farouk.
Egypt is preparing to launch two applications in July as part of efforts to curb price inconsistencies, enabling users to view and report commodity prices, according to a cabinet statement
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.
The goods were distributed as follows: $280 million on Thursday and $500 million on Friday.
Ghatouri also stressed that the rates of customs release and production requirements will continue to rise in the coming days, in coordination with the banking sector.
This initiative is a response to the government's directive to address the recent market price discrepancy and restore order.
Spokesperson for the Cabinet, Mohamed Al-Hamsani, stated that the meeting explored actions and steps taken by stakeholders to guarantee the adequate supply of goods in the market at reasonable prices
The decision obliges holders of the mentioned seven commodities, for purposes other than personal use, including producers, suppliers, distributors, and sellers, to immediately notify the relevant directorates of supply and internal trade nationwide about the type and quantities of these goods they may have in stock.
In the past few weeks, consumers have witnessed a significant surge in sugar prices, leading to LE 50 per kilo in certain locations, worsened by stockpiling. Some merchants decided to hoard sugar in anticipation of potential government price hikes
In an official statement released on Tuesday, the Cabinet announced that an initiative to tackle this problem is being designed, with all the specific details set to be unveiled next week
The data revealed that the Arab countries imported 1.730 million tons, at a value of $938 million, representing 41% in quantity and 38% in value.
Since the outbreak of the Russian-Ukrainian crisis, about 1.8 million tons of wheat of various origins have been imported.
Arabi lauded the swift measures taken by the government to control prices amid the current global fluctuations in goods' prices.
The prime minister stressed the importance of coordinating among all ministries and official bodies concerned to provide the local market with all its needs of essential commodities at affordable prices.
The RSPA said in a statement Friday that the volume of exports reached 371 tons of goods, 202 trucks and eight cars.
The statement asserted that most of the commodities, especially food commodities, will remain stable.
The Ministry of Supply said that the news is void of truth, the center said in a statement on Tuesday.
The Ministry has adopted a strategic plan to develop the holding company's stores, which number up to 1,500 stores, as part of the digital transformation system that allows monitoring the movement of commodity circulation to and from those stores.
In a press release, he added that this comes as commodities are available in stores, ports, also were shipped during the past period or other shipments expected to arrive in the upcoming period.
El-Said clarified in a statement that there is a strategic stockpile of goods available.
