Shops must place price tags on wares within two weeks: PM Madbouly

Ahram Online , Wednesday 14 Dec 2022

Egypt’s Prime Minister Mostafa Madbouly announced on Wednesday that a two-week deadline has been set for all retailers nationwide to place price-tags on their wares.

Egypt s PM
Egyptian Prime Minister Mostafa Madbouly during a press conference in New Administrative Capital, 14 December 2022. Cabinet

In a press conference at the New Administrative Capital following the weekly meeting of the cabinet, Madbouly said that there have been unreasonable price hikes on commodities amid this latest global economic crisis.

Madbouly said that inspection tours will be carried out periodically to ensure retailers adhere to the regulations, while encouraging members of the public to report shops that do not use price-tags.

“The private sector has the right to have fair revenue, but in a reasonable way,” Madbouly said.

On Tuesday, the cabinet declared that a deadline would be put in place for all shops and retailers to start putting price-tags on commodities put for sale.

During the presser, the premier announced that there was a presidential directive to both the cabinet and the Central Bank of Egypt (CBE) to end the letters of credit system.

Madbouly promised that packed-up goods at harbors will be released in two months at most.

He said the government is drawing up a plan to secure needed dollar funds to solve the problem of accumulated goods at harbors.

In February, the CBE issued new rules obliging all importers to use letters of credit to finance their imports, eliminating the earlier collections system that was in force for many years. It excluded foreign companies and subsidiaries from the rules.

The new rule raised objections from importers who said it would harm their supply chain and increase production costs, leading to higher inflation.

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