Egyptian authorities have ramped up efforts to enforce price controls and combat price gouging in response to a reported lack of compliance from traders to changes in the market, the country’s Consumer Protection Agency (CPA) said on Monday.
The head of the agency, Ibrahim El Sagini was joined by the governor of Gharbia, Tarek Rahmi, on an extensive round of inspections across the governorate, located 100km north of Cairo, on Monday.
The move comes as an extension to an earlier crackdown aimed at bakeries refusing to implement government-mandated price reductions.
In addition to Gharbia’s bakeries, Monday’s inspections also targeted several other businesses, including local food vendors who sell popular items such as fool and felafel – widely consumed by Egyptians due to their relatively cheap price.
The doubling in their price from four Egyptian pounds in early 2022 to nine pounds on Tuesday, had been met with outrage from Egyptians, most of whom view them as essential dishes for a financially constrained populace.
The enforcement actions follow the Egyptian government securing over $50 billion in financing from international partners since February which have enabled it to bring down prices of essential food by 15 to 35 per cent, according to the CPA.
These agreements have bolstered the government's ability to import essential supplies, leading to a surge in the availability of goods in the market compared to last year when a large Foreign ExchangeFX backlog kept thousands of tonnes of goods held up at the nation’s ports.
In line with basic economic principles, this increased supply is expected to drive down prices for consumers, however, smaller businesses that are not registered with the government have been able to keep their prices high while also avoiding consequences from the state.
During the inspections, officials discovered numerous violations, including failure to display prices, selling above the advertised price, and non-compliance with a recent ministerial directive aimed at reducing the cost of bread, the CPA said.
Offenders were referred to the Public Prosecution.
As the government continues its efforts to enforce price controls, businesses across various sectors are facing heightened scrutiny.
The CPA has promised it will continue its co-operation with local authorities in more provinces to enhance the consumer protection system and carry out more inspection campaigns of markets.
The crackdown aims to demonstrate that the government is taking action to address the cost of living crisis.
However, the long-term effectiveness of these measures in controlling prices and alleviating the financial burden on Egyptian consumers remains to be seen, as the increased supply of goods may not necessarily translate into sustained price reductions across all sectors.
Egypt’s inflation rate remains high, 33.3 per cent in March, despite the influx of foreign financial aid.
In its latest report on Egypt’s progress in its reform programme, issued on April 26, the IMF said a larger economic recovery may take longer than anticipated and will require rigorous adherence to its outlined reforms
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
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6.30pm: Baniyas Group 2 (PA) Dh 97,500 (Dirt) 1,400m.
7.05pm Maiden (TB) Dh 82,500 (D) 1,200m
7.40pm Maiden (TB) Dh 82,500 (D) 1,400m
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4pm: Al Bastakiya Listed US$250,000 (Dh918,125) (Dirt) 1,900m.
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The specs: 2019 Mini Cooper
Price, base: Dh141,740 (three-door) / Dh165,900 (five-door)
Engine: 1.5-litre four-cylinder (Cooper) / 2.0-litre four-cylinder (Cooper S)
Power: 136hp @ 4,500rpm (Cooper) / 192hp @ 5,000rpm (Cooper S)
Torque: 220Nm @ 1,480rpm (Cooper) / 280Nm @ 1,350rpm (Cooper S)
Transmission: Seven-speed automatic
Fuel consumption, combined: 4.8L to 5.4L / 100km
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%3Cp%3E%0D%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E6-cylinder%2C%204.8-litre%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E5-speed%20automatic%20and%20manual%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E280%20brake%20horsepower%20%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E451Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh153%2C00%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
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