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Egypt forms committee to set profit margins for sales of basic goods

CAIRO- Egypt's government has formed a cabinet-level committee that will determine how much profit can be made from the sale of essential goods, but will not set prices, Prime Minister Sherif Ismail said on Wednesday.

 

Egyptians have complained of shortages and rising prices of basic food items in the past few months, due in part to a shortage of hard currency in the country.

 

The committee will "devise the proper mechanisms" for setting profit margins for sales of basic goods and products both local and imported, the government said in a decree signed by the prime minister and seen by Reuters. It did not specify what the mechanisms would be.

 

The government did not identify which goods would be covered although rice, sugar and wheat are among goods considered essential in Egypt.

 


פרסום ראשון: 10.19.16, 22:57