Egyptian Federation Asks CBE To Offer Auctions Over Buying Ramadan’s Commodities

Mr. Ahmed Al Wakeel, Chairman of the Federation of Egyptian Chambers of Commerce, has called on the Central Bank of Egypt (CBE) to offer exceptional auctions for the dollar in order to purchase the needs of the basic food commodities.

Al Wakeel said the federation’s board will convene a meeting with the Governor of the Central Bank of Egypt (CBE) this week to look into the mechanisms of injecting further funds besides the sum of $ 800 million that allocated to provide the staple commodities during the holy month of Ramadan (Islamic month).

On his part, Ahmed Sheha, Head of the importers division, at Cairo Chamber of Commerce, stated that it is too late to provide the needed commodities; pointing out that all the importers have completely finished the processes of supplying the commodities and the needs of Ramadan.

Sheha has asserted that the Egyptian government failed to accomplish its responsibilities of providing the commodities for the citizens at low prices.

It is noteworthy that the division mentioned before that raising the prices will outstrip 30% during the season.