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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

Islamabad: 50,000 Pakistanis Are Missing in Iraq

Every year, millions of Shiites flock to religious sites in Iraq’s Najaf and Karbala. (EPA)
Every year, millions of Shiites flock to religious sites in Iraq’s Najaf and Karbala. (EPA)
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Islamabad: 50,000 Pakistanis Are Missing in Iraq

Every year, millions of Shiites flock to religious sites in Iraq’s Najaf and Karbala. (EPA)
Every year, millions of Shiites flock to religious sites in Iraq’s Najaf and Karbala. (EPA)

Pakistan’s Minister of Religious Affairs and Interfaith Harmony Chaudhry Salik Hussain sparked controversy when he revealed that 50,000 Pakistanis have gone missing in Iraq over the years.

He urged the Baghdad government to immediately launch a probe into how the Pakistanis entered Iraq to visit religious sites during the month of Muharram, he was quoted as saying by Pakistan’s Ummat newspaper.

Islamabad is investigating how people have traveled outside Pakistan through illegal means, he remarked.

The permanent committee for religious affairs and interfaith harmony has since proposed new policies for trips to holy sites in foreign countries, including Iraq.

In Iraq, the minister’s comments drew mockery and condemnation on social media and sparked renewed debate over illegal workers in the country.

Politician Mishaan al-Juburi urged the government to make a statement over Hussain’s comments, warning that they may impact security and the labor force.

Hussain’s comments coincided with Iraqi police announcing the arrest of six Pakistanis in Baghdad on charges of theft.

Previously, military intelligence also announced the arrest of a nine-member Pakistani kidnapping and extortion gang in Baghdad. The gang had kidnapped foreigners for ransom.

Meanwhile, Labor Minister Ahmed al-Asadi expressed his concern and condemnation over the increasing number of illegal workers in Iraq.

He said his ministry will investigate the disappearance of the Pakistanis.

He confirmed that several tourists, including Pakistanis, have flocked to Iraq in recent days, and many have taken up employment without the necessary legal permits.

He warned that this phenomenon is negatively impacting the national economy.

The ministry will not be lenient in taking the necessary legal measures against the violators, he vowed.

Iraq welcomes all tourists, whether they are here on a religious visit or otherwise, but they must respect local laws and regulations, declared Asadi.

Every year, millions of Shiites flock to religious sites in Iraq’s Najaf and Karbala.