Gov’t, producers, merchants agree on price cuts of basic products

Prime Minister Mostafa Madbouly has said price hikes over the recent period are located in the Egyptian market, noting that he met with Federation of Chambers of Commerce (FEDCOC) president and agreed on a meeting with Central Bank of Egypt (CBE) Governor and a number of ministers to reduce prices.

Statements of the premier came after a meeting chaired by Madbouly with Governor of the CBE Hassan Abdullah, Minister of Supply and Internal Trade Ali Moselhi, Minister of Finance Mohamed Maait, and Minister of Agriculture and Land Reclamation al-Sayyid al-Quseir.

Madbouly said: “We will work together to ensure that there is an abundance of various commodities in the market, which will lead to lower prices. We will work in coordination with the Central Bank of Egypt to provide the required foreign currency, and we will work together to find solution to decrease prices of basic commodities.”

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