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Egypt Government to Set 'Fair' Prices to Confront Market Manipulation

Egyptian traditional loaves of bread are seen on shelves from the oven at a bakery in Cairo’s southeastern Mokattam district in Egypt, March 16, 2022. (Reuters)
Egyptian traditional loaves of bread are seen on shelves from the oven at a bakery in Cairo’s southeastern Mokattam district in Egypt, March 16, 2022. (Reuters)
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Egypt Government to Set 'Fair' Prices to Confront Market Manipulation

Egyptian traditional loaves of bread are seen on shelves from the oven at a bakery in Cairo’s southeastern Mokattam district in Egypt, March 16, 2022. (Reuters)
Egyptian traditional loaves of bread are seen on shelves from the oven at a bakery in Cairo’s southeastern Mokattam district in Egypt, March 16, 2022. (Reuters)

The Egyptian government announced on Monday it intends to “publish a list of fair prices for basic commodities,” in order to prevent the manipulation of prices by merchants.

The announcement comes less than two weeks after it decided to temporarily set a fixed price for unsubsidized bread.

During a meeting on Monday of a special ministerial committee entrusted with finding solutions to confront the impact of the current global crisis on strategic commodities, Prime Minister Mostafa Madbouly stressed “the need for permanent coordination with the Federation of Chambers of Commerce to announce a list of fair prices for basic commodities.”

The committee includes the ministers of Awqaf (Islamic Affairs), Supply and Internal Trade, Finance, Local Development, Interior, Social Solidarity, Agriculture and Trade and Industry, as well as representatives of the National Service Projects Organization (NSPO), the Information and Decision Support Center, and the Consumer Protection Agency.

Madbouly pointed to “complaints from citizens” over some supermarkets and stores highly increasing the prices of some goods.

He noted in this regard that the fair price list would contribute to limiting such practices, adding that the Consumer Protection Agency and the Supply Investigations Department would look into all complaints and take the appropriate measures.

Last month, Egypt set a fixed price for unsubsidized bread in an effort to counter rising food prices after the Russia-Ukraine war closed off access to lower-priced Black Sea wheat.

Madbouly announced that commercially sold bread would be sold at 11.50 Egyptian pounds ($0.66) per kg, according to a statement by his office.

“We don’t want merchants to lose, but we will not allow unjustified and exaggerated rises in the prices of basic commodities,” he told the meeting on Monday.

The government is seeking to reassure the citizens about the reserves of goods. Minister of Supply and Internal Trade Ali Al-Moselhi emphasized “stability in the wheat supply system, and the speed of payment of dues to farmers.”

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Arab World

Israeli Defense Minister Says He Will End Detention without Charge of Jewish Settlers

Palestinians look at damaged cars after an Israeli settlers attack in Al-Mazraa Al-Qibleyeh near Ramallah, in the Israeli-occupied West Bank, November 20, 2024. (Reuters)
Palestinians look at damaged cars after an Israeli settlers attack in Al-Mazraa Al-Qibleyeh near Ramallah, in the Israeli-occupied West Bank, November 20, 2024. (Reuters)
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Israeli Defense Minister Says He Will End Detention without Charge of Jewish Settlers

Palestinians look at damaged cars after an Israeli settlers attack in Al-Mazraa Al-Qibleyeh near Ramallah, in the Israeli-occupied West Bank, November 20, 2024. (Reuters)
Palestinians look at damaged cars after an Israeli settlers attack in Al-Mazraa Al-Qibleyeh near Ramallah, in the Israeli-occupied West Bank, November 20, 2024. (Reuters)

Israel’s new defense minister said Friday that he would stop issuing warrants to arrest West Bank settlers or hold them without charge or trial — a largely symbolic move that rights groups said risks emboldening settler violence in the Israeli-occupied territory.

Israel Katz called the arrest warrants “severe” and said issuing them was “inappropriate” as Palestinian militant attacks on settlers in the territory grow more frequent. He said settlers could be “brought to justice” in other ways.

The move protects Israeli settlers from being held in “administrative detention,” a shadowy form of incarceration where people are held without charge or trial.

Settlers are rarely arrested in the West Bank, where settler violence against Palestinians has spiraled since the outbreak of the war Oct. 7.

Katz’s decision was celebrated by far-right coalition allies of Prime Minister Benjamin Netanyahu. National Security Minister and settler firebrand Itamar Ben-Gvir applauded Katz and called the move a “correction of many years of mistreatment” and “justice for those who love the land.”

Since Oct. 7, 2023, violence toward Palestinians by Israeli settlers has soared to new heights, displacing at least 19 entire Palestinian communities, according to Israeli rights group Peace Now. In that time, attacks by Palestinian militants on settlers and within Israel have also grown more common.

An increasing number of Palestinians have been placed in administrative detention. Israel holds 3,443 administrative detainees in prison, according to data from the Israeli Prison Service, reported by rights group Hamoked. That figure stood around 1,200 just before the start of the war. The vast majority of them are Palestinian, with only a handful at any given time Israeli Jews, said Jessica Montell, the director of Hamoked.

“All of these detentions without charge or trial are illegitimate, but to declare that this measure will only be used against Palestinians...is to explicitly entrench another form of ethnic discrimination,” said Montell.