Cabinet denies plans to cut prices

The government will leave the reduction of goods' prices to market mechanisms, said Magdi Radi, the cabinet's official spokesperson.

Radi denied reports of possible price cuts, particularly for foodstuffs, the prices of which are continually increasing.

“It has not happened and will not. Egypt applies the free market policy and has signed international agreements to that regard,” said Radi.

“Governmental intervention to increase or cut prices is totally incompatible with competition, especially considering we’re working to establish a free economy to be compatible with international economies,” Radi added.

The Egyptian cabinet held a meeting on Sunday to discuss conditions in the local market. Radi said the discussions were on governmental programs to develop the market.

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