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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

Iraqi Foreign Minister: We Have Received Explicit Israeli Threats

Iraqi President Abdul Latif Rashid addresses the Peace Forum in Duhok (Rudaw Network)
Iraqi President Abdul Latif Rashid addresses the Peace Forum in Duhok (Rudaw Network)
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Iraqi Foreign Minister: We Have Received Explicit Israeli Threats

Iraqi President Abdul Latif Rashid addresses the Peace Forum in Duhok (Rudaw Network)
Iraqi President Abdul Latif Rashid addresses the Peace Forum in Duhok (Rudaw Network)

Iraqi Foreign Minister Fuad Hussein stated on Friday that Iraq has received explicit threats from Israel, adding that the country’s armed forces have been instructed by the prime minister to prevent any attacks originating from Iraqi territory.

According to the Iraqi News Agency (INA), Prime Minister Mohammed Shia al-Sudani directed the armed forces to take action against anyone launching attacks from the country. The foreign minister emphasized that Iraq does not seek war and aims to avoid its dangers, noting that the region is “on fire” and facing “clear threats from Israel.”

The agency also reported that the Iraqi government has requested an emergency meeting of the Arab League Council to address Israeli threats. Iraq’s permanent representative to the Arab League submitted a request for a session at the level of permanent representatives of member states to confront what was described as menaces from the “Zionist entity.”

Earlier, Israeli Foreign Minister Gideon Sa’ar announced that he had sent a message to the president of the UN Security Council urging immediate action against activities of Iran-backed militias in Iraq. Sa’ar asserted that the Iraqi government bears responsibility for any actions occurring within or emanating from its territory.

Meanwhile, Iraqi officials have expressed pessimism about the outcome of the ongoing war in the Middle East. Nevertheless, they emphasized Baghdad’s commitment to supporting efforts to achieve lasting peace and security.

Speaking at the American University Forum in Duhok on Friday, Iraqi Parliament Speaker Mahmoud al-Mashhadani highlighted that the challenges facing Iraq have fundamentally changed since October 7.

He described the current situation in the Middle East as a “second Nakba”, stressing that the challenges stem from the failure of the international system, which he described as “ambiguous.”

Iraqi President Abdul Latif Rashid stated that Iraq would play its role in promoting peace in the Middle East and expressed his full support for efforts aimed at achieving a peaceful resolution to the Kurdish issue in Türkiye.

Speaking at the Duhok Forum, Rashid said that Iraq and the region are facing circumstances that require all parties to closely monitor the situation and find appropriate solutions to ongoing problems, emphasizing the need for lasting peace and security.

Masoud Barzani, leader of the Kurdistan Democratic Party, called for Iraq to remain neutral in the conflict, saying: “The crises in the region and the scenes of war in Lebanon and Gaza are tragic. We hope this suffering will come to an end.”

“We are all awaiting changes following the US presidential election. All indications suggest that a Trump administration will adopt a different approach compared to President Biden’s policies,” he added.

The Iraqi government has stated that under the Strategic Framework Agreement and security pact with the United States, Washington is responsible for “deterring and responding to any external attacks that threaten Iraq’s internal security.”

According to media reports, the US has informed Baghdad that Israeli military strikes on Iraq are “imminent” unless Baghdad prevents Iran-backed factions from launching attacks against Israel.