Egypt to cut prices of food commodities by 15-25% for 6 months
Updated 10/10/2023 7:25:00 AM
Arab Finance: The Egyptian government has agreed with producers and retailers to cut prices of several food commodities by 15% to 25% for six months starting Saturday, October 14th, Egyptian Prime Minister Mostafa Madbouly announced in a press conference on October 9th.
These food commodities include beans, dairy products, white cheese, mixed oil, pasta, sugar, lentils, poultry products, eggs, and rice.
Madbouly pointed out that the government will exempt manufacturers and retailers from customs duties imposed on these commodities for six months.
Moreover, the government will speed up customs clearance procedures at ports, Minister of Finance noted.
Additionally, the country has agreed with the local banks on providing food manufacturers with the needed foreign component, along with agreeing with retail chains that they will not have a share in the profits garnered from these products, Minister of Supply and Internal Trade said.
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