{"id":612784,"date":"2024-01-02T00:00:00","date_gmt":"2024-01-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/02\/govt-sets-market-controls-for-seven-commodities-in-bid-to-tackle-hoarding\/"},"modified":"2024-01-02T00:00:00","modified_gmt":"2024-01-02T00:00:00","slug":"govt-sets-market-controls-for-seven-commodities-in-bid-to-tackle-hoarding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/02\/govt-sets-market-controls-for-seven-commodities-in-bid-to-tackle-hoarding\/","title":{"rendered":"Gov\u2019t sets market controls for seven commodities in bid to tackle hoarding"},"content":{"rendered":"

New year, new regulations:<\/strong> Blended oil, fava beans, rice, milk,sugar, pasta, and white cheese are now designated as strategic commodities following a decision issued by Prime Minister Mostafa Madbouly, according to a cabinet <\/span>statement<\/a> on Saturday. It is now prohibited to withhold these commodities from the market in an effort to tackle hoarding and price gouging. The decision will be enforced for a 6-month period or until further notice, the statement read.<\/span><\/p>\n

MRPs?<\/strong> The maximum retail price (MRP) will also be printed on the seven newly designated strategic commodities, according to a separate decree from the Supply Ministry issued<\/a> on Sunday. Producers, importers, suppliers, and packaging companies are also now required to issue sales invoices when dealing in these commodities that state the MRP, factory price, quantity, and production date of the product.<\/p>\n

Al<\/strong>ready paying off? <\/strong>Rice prices have started declining immediately after the Madbouly\u2019s decision to stamp rice as a strategic commodity, with prices per ton reportedly seeing between EGP 200-700 drops, Al Borsa<\/a> reports, citing several sources from the industry.<\/p>\n

Remember:<\/strong> Commodities such as sugar and onions saw their prices soar<\/a> amid supply shortages near the end of last year, which the government said was driven by the ongoing FX shortage and hoarding.<\/p>\n

ALSO- GASC scraps wheat tender: <\/strong>GASC canceled an international wheat tender held on Thursday, Reuters<\/a> reported. The state grain buyer gave no reason for the cancellation, but traders believe that the prices offered were too high. GASC also reportedly scrapped a rice tender it had awarded last month to an Indian company to buy 60k tonnes of Indian rice for USD 600 a ton because of the high price tag, a Supply Ministry source told Al Borsa.<\/p>\n","protected":false},"excerpt":{"rendered":"

The decision will be enforced for a 6-month period or until further notice<\/p>\n","protected":false},"author":1,"featured_media":612785,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[317,72,564,7091,550,338],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-commodities","tag-enterpriseam","tag-food","tag-food-prices","tag-gasc","tag-retail","wpautop","entry"],"acf":{"mongo_id":"e6006ee6-dbf0-484e-bad4-3fe0ab4ebaf7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/46.JPG","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian government sets market controls for 7 commodities in bid to tackle hoarding","related_issue":[612775],"teaser":"The decision will be enforced for a 6-month period or until further notice","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.bbeea757-ef33-4ee0-affc-f3c1503479e3.mp3"},"yoast_head":"\nGov\u2019t sets market controls for seven commodities in bid to tackle hoarding - 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