– Egypt’s Cabinet collaborates with traders and manufacturers to swiftly reduce commodity prices by 15% to 20% within 48 hours.

– Prime Minister Moustafa Madbouli emphasizes the need for substantial price cuts, exceeding marginal reductions of 2%, 3%, or 5%, amidst a stabilized Egyptian pound and decreased black market exchange rates.

– The government expedites customs clearance procedures for goods valued at over $4.5 billion, as part of a comprehensive plan to reduce prices across essential commodities such as food items, beverages, and household essentials.

Amidst efforts to address rising commodity prices, Egypt’s Cabinet has announced a collaborative initiative with traders and manufacturers. 

The goal is to swiftly reduce prices by 15% to 20% within 48 hours. This concerted action is projected to further drive down prices, with a targeted reduction of 30% anticipated after Eid Al-Fitr.

Prime Minister Moustafa Madbouli introduced the initiative during a meeting with private sector representatives, including manufacturers, suppliers, and retailers. 

Against the backdrop of a stabilized Egyptian pound and a decrease in the black market exchange rate to approximately LE 46, Madbouli emphasized the need for substantial price cuts, surpassing marginal reductions of 2%, 3%, or 5%.

To streamline the process, the government, in conjunction with the banking system, has expedited customs clearance procedures for goods valued at over $4.5 billion. This comprehensive plan encompasses various essential commodities such as food items, beverages, and household essentials.

Minister of Supply and Internal Trade, Ali Moselhy, highlighted that as part of the initiative, previous prices will be replaced with clearly displayed reduced prices. Notably, certain commodities like beans and lentils are expected to see reductions of up to 20%.