Egyptian government coordinates with chambers of commerce to set prices

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The Egyptian government has announced that the Federation of Egyptian Chambers of Commerce (FEDCOC) is committed to ensuring price stability in accordance with contracts entered into before the increase in the US dollar exchange rate.

The State assured that it will spare no effort to take dissuasive measures in order to stop unjustified price increases.

Meanwhile, the Ministry of Supply and Internal Trade continues its campaigns in the markets to confront the monopoly of goods and the greed of traders.

The Ministries of Commerce and Industry, and of Supply and Internal Trade, have agreed with FEDCOC on the need to fulfill pre-contracts in accordance with prevailing prices before increasing the US dollar exchange rate and the economic repercussions which preceded it in the world.

The two parties also agreed to commit to maintaining an abundant supply of goods and products and price stability, and that FEDCOC will study a contribution of 2.5% from the cash reserve to provide Ramadan products, in coordination with the governors.

Trade and Industry Minister Nevine Gamea held a meeting with heads of 27 chambers of commerce and representatives of the Federation of Egyptian Industries (FEI).

She said that FEDCOC is a major partner of the government in controlling prices and meeting local market needs for all products.

Supply and Internal Trade Minister Ali al-Meselhy stressed that the government would face any unjustified price increase on engineering products that have been contracted between the trader and the consumer as long as the goods are available before increases in the US dollar exchange rate.

He added that manufacturers and importers of engineering goods must adhere to approved prices.

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