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Egypt warns commodity hoarders of legal action as inflation rises

NurPhoto/Mahmoud Elkhwas
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Egyptian Prime Minister Mostafa Madbouly has warned against stashing, overpricing, or monopolising commodities in the local market on higher inflation, Ahram Online reported, citing a cabinet statement.

He stated that violators will face strict legal action, and vowed to continue implementing monitoring mechanisms to manage the market and provide commodities.

The prime minister ordered the consumer protection agency to accept citizens’ complaints, noting that the government will take measures against any trader attempting to exploit the current circumstances.

He added that the government will continue to exert efforts to supply markets and outlets with as many commodities as possible in coordination with all governorates and other relevant bodies.

Madbouly said that despite the current circumstances, the government will introduce multiple societal initiatives and launch social safety net packages.

Egypt’s annual headline inflation advanced to 15.3 percent in September 2022 from eight percent in September 2021, the highest since November 2018.

The Central Bank of Egypt raised the key interest rates by two last Thursday, announcing it was adopting ’a durably flexible exchange rate regime’.