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Initiative led by Egyptian Government and CBE to address rising essential commodity prices

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Initiative led by Egyptian Government and CBE to address rising essential commodity prices

The Egyptian government, in conjunction with the Central Bank of Egypt (CBE), is actively addressing the surge in prices of vital commodities

According to an official statement released on Tuesday, a comprehensive initiative is being formulated to tackle this issue, with specific details slated for release next week.

During a dedicated meeting, Prime Minister Mostafa Madbouly underscored the notable uptick in the prices of essential foodstuffs in recent times. He revealed prior discussions with leaders of commerce chambers and industry unions, culminating in the decision to convene this meeting with CBE Governor Hassan Abdalla and pertinent ministers.

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Madbouly affirmed the government’s unwavering dedication to ensuring an ample supply of various goods in the markets, thereby contributing to price reduction, particularly for crucial food items. Furthermore, concerted efforts with the CBE will be made to ensure the requisite availability of foreign currency.

The meeting witnessed the presence of key figures, including CBE Governor Hassan Abdalla, Minister of Supply and Internal Trade Ali Moselhi, Finance Minister Mohamed Maait, Minister of Agriculture and Land Reclamation El Sayed El Quseir, along with leaders of commerce chambers and industry unions, as well as representatives from food companies and vendors across the country.

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In a previous report released in April, the Egyptian Ministry of Finance disclosed an uptick in spending on subsidized commodities, totaling LE 46.68 billion from July to the end of January 2023. This marked an increase from the LE 40.32 billion expended during the same period in the previous fiscal year.

Furthermore, during a Hayah Karima event in Beni Suef held in September, President El-Sisi announced an adjustment to the minimum wage for all administrative personnel in both state and economic positions. The minimum wage was raised from LE 3500 to LE 4000.

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