Egyptian government and CBE tackle soaring prices of essential commodities



Wed, 04 Oct 2023 - 06:02 GMT


Wed, 04 Oct 2023 - 06:02 GMT

The Egyptian government and the Central Bank of Egypt (CBE) are collaborating closely to solve the issue of rising prices for essential commodities. 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.

During a meeting discussing the matter, Prime Minister Mostafa Madbouly highlighted the significant increase in the prices of food commodities observed in recent times. He mentioned that prior to this meeting, he had already held discussions with the heads of commerce chambers and industry unions. As a result, it was decided to convene this meeting with the Governor of the CBE, Hassan Abdalla, and the relevant ministers.

Madbouly emphasized the government's commitment to ensuring a plentiful supply of various commodities in the markets, which will contribute to reducing prices, particularly for essential food items. Additionally, they will be working in coordination with the CBE to ensure the necessary availability of dollars.

The meeting was attended by various key figures, Governor CBE, Hassan Abdalla; Minister of Supply and Internal Trade, Ali Moselhi; Finance Minister, Mohamed Maait; Minister of Agriculture and Land Reclamation, El Sayed El Quseir; as well as heads of commerce chambers and industry unions, and food companies and vendors in the country.

In a previous report released in April, the Egyptian Ministry of Finance disclosed an increase in spending on subsidized commodities, amounting to LE 46.68 billion from July to the end of January 2023. This represented a rise from the LE 40.32 billion spent during the same period in the previous fiscal year.

Moreover, during a Hayah Karima event in Beni Suef held in September, President El-Sisi announced an adjustment to the minimum wage for all administrative personnel in the state and economic positions. The minimum wage was increased from LE 3500 to LE 4000.







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