Giza Chamber of Commerce rejects cabinet decision to form profit margin committee

Mohamed Samir
2 Min Read
Daily News Egypt asked several families located across Cairo, and all respondents agreed that they spend no less than EGP 2,000 during Ramadan on food products. (Ricardo Garcia Vilanova/AFP Photo/File)

The Giza Chamber of Commerce announced its rejection of the cabinet decision to form a committee to establish profit margins for essential goods and commodities.

“The cabinet decision is a step backwards for the economy’s progress. It may cause a huge crisis in the markets during the coming period,” the chamber’s statement read.

In 9 October, the cabinet announced the establishment of a new committee, headed by Prime Minister Sherif Ismail, to set profit margins for essential goods and commodities, whether local or imported.

Head of the Giza Chamber of Commerce Adel Nasser said: “The government decision is not acceptable. It will have a negative impact, especially considering the current critical situation of Egypt’s economy.”

He added that this decision may lead to the creation of parallel market. The state has various tools that it can utilise to control the market. One of them is prohibition of imports on certain goods, thus facilitating the imports of essentials goods and commodities.

For Egypt’s economy, which is a free market economy, forcing compulsory quotations and pricing for goods is a step backwards, first secretary of the chamber Mohamed Embaby said. The quality and the supply and demand are the tools that control the price of any product, he added.

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Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: LinkedIn:
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