Egypt Sees 20% Deficit in Commodities During Holy Month – Official

The Federation of Egyptian Chambers of Commerce has estimated the rate of deficit of the food commodities, which will be provided in Ramadan (an Islamic month during which Muslims are fasting), at 20%. This deficit rate will bring about raising the prices at 30% during the season.

Ahmed Al Wakeel, Head of the Federation of Egyptian Chamber of Commerce, the $800 million funds that ratified by the Central Bank of Egypt (CBE) to meet the needs of Ramadan covered only 80% of the needs; indicating that there are negotiations with the Governor of CBE, Hesham Ramez, to discuss allocating exceptional tenders for the dollar so as to buy the food commodities.

In statements to “Amwal Al Ghad”, Al Wakeel stated that the federation, via an official memorandum to the Egyptian Ministry of Industry and Foreign Trade, underlined the significance of subsidizing

The Importers Division, at Cairo Chamber of Commerce, has accused the Egyptian government with slackening over providing the citizens with the commodities at low prices and with high quality.

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