Daily News Egypt has learned from informed sources that the government has started to speed up the release of production inputs for food product manufacturers from ports this week. This comes after an agreement between the government, represented by the Central Bank of Egypt (CBE), and the manufacturers.
According to the sources, the agreement stipulates that the government will provide dollars to manufacturers at the official rate, so that they can import raw materials from abroad. Moreover, the government will clear the shipments at customs, on the condition that manufacturers agree to lower the prices of essential foodstuffs.
Several companies that produce basic materials have decided to cut their prices, especially Juhayna Food Industries, which lowered the price of its cheapest milk “Bekheiro” as a vital item for consumers. Obour Land Food Industries reduced the prices of its cheese and dairy products by 13% to 15%. Domty also announced that it lowered the price of white cheese.
These decisions were made after the government identified seven main commodity groups that could see price reductions of 15% to 25%. Some of these commodities have already witnessed price drops, such as beans, lentils, dairy, white cheese, pasta, sugar, oil, and rice.
The Prime Minister held a meeting to monitor the availability of food commodities in the markets and control prices, with the participation of the CBE governor, the Ministers of Supply, Finance, Agriculture, Trade and Industry, the President of the General Federation of Chambers of Commerce and its Secretary General, the President of the Federation of Industries, the President of the Competition Protection and Prevention of Monopolistic Practices Authority, and the heads and officials of several chambers of commerce, as well as representatives of some food commodity companies and traders.
“We will work together to ensure that there is a sufficient supply of various commodities in the markets, which will help lower prices, especially for food commodities,” Prime Minister Moustafa Madbouly said. He added: “We will coordinate with CBE to provide the necessary dollar component, and we will jointly find solutions that will ensure a decline in the prices of basic commodities.”
