Subsequently, the decline will continue to escalate in the following days, ultimately reaching a reduction of 30% after the conclusion of Eid Al-Fitr.
Prime Minister, Mostafa Madbouly, revealed an initiative to slash goods prices by 15% and 20% in cooperation with traders and manufacturers within 48 hours.
Subsequently, the decline will continue to escalate in the following days, ultimately reaching a reduction of 30% after the conclusion of Eid Al-Fitr.
To support the reduction of prices, Madbouly added that the government, in cooperation with the banking system, succeeded to complete customs release procedures for goods worth more than $4.5 billion.
The Prime Minister announced this new initiative during a meeting with representatives from the private sector, including manufacturers, suppliers, and retailers.
The price reduction plan encompasses a diverse selection of crucial commodities, such as food items, beverages, and household essentials.
Madbouly highlighted the need for substantial price reductions, not just by small percentages of 2%, 3%, or 5%, now that the Egyptian pound has stablized and the black market exchange rate has fallen to around EGP 46.
The initiative includes that the previous price be visible and crossed out with the new price clearly displayed with a reduction ranging between 15-20%, Minister of Supply and Internal Trade, Ali Moselhy added.
There are some commodities that can be reduced by more than 20%, such as beans and lentils, Moselhy said.
