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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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Ankara: Assad Does Not Want Peace in Syria

Fidan addresses the Planning and Budget Committee of the Turkish Parliament (Turkish Foreign Ministry)
Fidan addresses the Planning and Budget Committee of the Turkish Parliament (Turkish Foreign Ministry)
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Ankara: Assad Does Not Want Peace in Syria

Fidan addresses the Planning and Budget Committee of the Turkish Parliament (Turkish Foreign Ministry)
Fidan addresses the Planning and Budget Committee of the Turkish Parliament (Turkish Foreign Ministry)

Turkish Foreign Minister Hakan Fidan has stated that Syrian President Bashar al-Assad is unwilling to pursue peace in Syria and warned that Israel’s efforts to spread war across the Middle East are undermining the environment fostered by the Astana Process.

Fidan emphasized the importance of Russian and Iranian efforts within the framework of the Astana Process to maintain calm on the ground, pointing to ongoing consultations with the US regarding the Syrian crisis.

Speaking during a parliamentary session discussing the 2025 budget of the Foreign Ministry, Fidan reiterated Türkiye’s expectation that the dialogue proposed by President Recep Tayyip Erdogan will be approached strategically by the Syrian government, with priority given to the interests of the Syrian people.

Regarding Erdogan’s invitation to Assad for a meeting to discuss the normalization of ties between Ankara and Damascus, Fidan remarked that the matter depends on political will, stressing that the Turkish president has demonstrated his readiness at the highest level.

Last week, Erdogan reiterated the possibility of a meeting with Assad, but Russia, which mediates the normalization talks between Ankara and Damascus, ruled out such a meeting or high-level engagements in the near future.

Russian Presidential Envoy to Syria Alexander Lavrentiev attributed the impasse to Türkiye’s refusal to meet Damascus’ demand for a withdrawal from northern Syria, accusing Ankara of acting as an “occupying state”.

Although Türkiye has not officially responded to Lavrentiev’s comments, which reflect a shift in Russia’s stance, Fidan stated in a televised interview last week that Russia remains “somewhat neutral” regarding the normalization process. He also urged the Syrian government to create conditions for the return of 10 million Syrian refugees.

Türkiye maintains that its military presence in northern Syria prevents the country’s division, blocks the establishment of a “terror corridor” along its southern border, and deters new waves of refugees from entering its territory.

Fidan outlined his country’s key objectives in Syria, which include eradicating terrorist groups (such as the Kurdistan Workers’ Party and the Syrian Democratic Forces), preserving Syria’s territorial unity, advancing the political process, and ensuring the safe and voluntary return of Syrian refugees.

Meanwhile, Turkish artillery targeted villages and positions controlled by the Manbij Military Council, affiliated with the Kurdish-led Syrian Democratic Forces (SDF), whose main component is the People’s Protection Units (YPG).

On Friday, fierce clashes erupted between the Syrian National Army factions and the SDF in western Tel Abyad, northern Raqqa. Simultaneously, Turkish artillery strikes reportedly killed two SDF members and injured others, with reports of captives and missing personnel.

In retaliation, the SDF shelled Turkish bases in the Ain Issa countryside. Turkish forces responded by deploying military reinforcements amid heightened alert at their bases in Raqqa’s countryside, according to the Syrian Observatory for Human Rights (SOHR).