Dr. Mostafa Madbouly, Prime Minister, chaired today the meeting of the Supreme Committee for Market and Commodity Price Control, in the presence of Kamel El Wazir, Deputy Prime Minister for Industrial Development, Minister of Industry and Transport, Dr. Manal Awad, Minister of Local Development, Ahmed Kouchouk, Minister of Finance, Dr. Sherif Farouk, Minister of Supply and Internal Trade, Alaa El Din Farouk, Minister of Agriculture and Land Reclamation, Dr. Ali El Ghamrawy, Head of the Egyptian Drug Authority, Dr. Mostafa El Sayyad, Deputy Minister of Agriculture and Land Reclamation, Sherif El Kilani, Deputy Minister of Finance for Tax Policy Affairs, Ahmed El Wakil, Chairman of the Federation of Chambers of Commerce, Ibrahim El Sejiny, Head of the Consumer Protection Agency, Dr. Mahmoud Mumtaz, Head of the Competition Protection and Anti-Monopoly Authority, Walid El Menshawy, Assistant Minister of Justice for Legislation Affairs, and officials from a number of regulatory bodies and officials from various industrial chambers.
Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Hassan Al-Khatib, Minister of Investment and Foreign Trade, also participated via video conference.
The Prime Minister began the meeting by stressing that the government is following a specific approach - in general - which is to work to ensure sustainable food security, and to continuously increase the strategic stock of commodities, while strengthening market control to prevent the monopoly of basic commodities, in addition to developing policies to improve production efficiency and strengthen supply chains, in addition to providing the opportunity for the private sector to contribute to achieving price balance and stability and improving food quality. However, in light of the exceptional circumstances that the region is experiencing, the government is currently working to make a greater effort to maintain the availability of various commodities in the markets, in addition to a secure strategic stock of basic commodities, in addition to securing the country's fuel needs.
In light of this, Madbouly noted that the banking system provides any foreign currency credits required to import necessary goods, production supplies, and other items.
Madbouly addressed the meeting participants, saying, "All of you, as industrialists, exporters, and traders, are constantly calling for interest rate cuts. I tell you that the Central Bank will not cut interest rates unless inflation is reduced. This is your role, and it is in your hands. Lowering inflation is in the interest of all of us: government, citizens, manufacturers, exporters, and traders."
During the meeting, Ahmed El-Wakil, head of the Federation of Egyptian Chambers of Commerce, explained that compared to 2024 and even now, with the economic crisis over, prices are balancing and declining, except for a few specific commodities due to specific circumstances. He listed a number of commodities that have seen price increases and the reasons for the temporary increase.
The Undersecretary added: "There is no hoarding of any commodity. It is in our collective interest to keep the wheels of factories turning and buying and selling operating. It is also in our collective interest to see inflation rates decline, and consequently, interest rates fall. All indicators confirm that commodity reserves are very reassuring, and some commodities have a stockpile that can last up to nine months."
The heads and officials of the Chambers of Industry explained that there is a positive spirit currently, stressing that the Central Bank is already providing all the required foreign components, that factories are operating at full capacity, that production is available, and that there is no reason to increase prices or stockpile goods. On the contrary, offers and discounts are now being announced on various goods.
