The Secretary-General of the Federation of Chambers of Commerce in Egypt, Alaa Ezz, revealed in an interview with Al-Arabiya today, Monday, that the setting of a guiding price for strategic commodities proposed by the Egyptian Council of Ministers has been canceled.
Ezz attributed the decision to cancel the indicative prices to the difficulty of implementation.
Read more: Egypt intends to form a higher committee to determine the fair price of strategic commodities
He explained that the guiding price proposal for strategic commodities was studied, and its negative impact on the markets was concluded.
He added that, according to the law, there is no mechanism that compels the seller to adhere to the guiding price, which will cause market instability.
Read more: The Prime Minister of Egypt: Strict measures to confront the rise in commodity prices, and a two-week deadline for compliance
He said that there is a new initiative between the Federation of Industries and the Federation of Chambers of Commerce in Egypt, to stabilize the prices of food commodities in the local market to avoid price jumps with the advent of Ramadan.
