Prime Minister Mostafa Madbouly has announced a joint effort with traders and manufacturers to lower commodity prices. The initiative aims to achieve a significant price reduction of 15 to 20 percent within 48 hours.
Additionally, prices are expected to continue to decrease in the coming days, eventually reaching a substantial reduction of 30 percent after Eid Al-Fitr. Madbouly introduced the new initiative during a meeting with representatives from the private sector, including manufacturers, suppliers, and retailers.
In consideration of the recent stabilization of the Egyptian pound and the decrease in the black-market exchange rate to approximately EGP 46, it is imperative to emphasize the need for significant price reductions, surpassing minor percentages such as 2 %, 3%, or 5 %.
To facilitate this initiative, the government has collaborated with the banking system to finalize customs release procedures for goods valued at over $4.5 billion.
This price reduction plan encompasses a wide range of essential commodities, including food items, beverages, and household essentials.
In line with the initiative, the previous pricing will be marked out, and the newly reduced prices will be prominently displayed,” stated Minister of Supply and Internal Trade, Ali Moselhy.
Moselhy further noted that the reduction is anticipated to be as high as 20 percent for specific commodities such as beans and lentils.
