Egypt: Compulsory prices for bread and a fine of up to 5 million pounds for violators!
In light of its measures to control prices in the markets, coinciding with the economic effects of the Russian-Ukrainian war, the Egyptian government decided to set an obligatory price for free bread that is not subsidized by the state, as well as fino with a harsh penalty for violators.
The Egyptian Prime Minister, Mostafa Madbouly, issued a decision published in the Official Gazette after midnight on Sunday, setting the selling price for free bread, a special rate of 72%, and Fino. monopolistic practices.
The decision, which was approved by the Council of Ministers, included obligating all bakeries, ovens and outlets in Egypt at specific prices for a period of three months or until further notice, whichever comes first.
The decision set the prices of special municipal bread 72% that the price of a loaf of 45 grams weighs 50 piasters, the price of a loaf of 65 grams weighs 75 piasters, and the price of a loaf of 90 grams weighs one pound, while the price of a kilo of packaged bread is 11.5 pounds.
As for the prices of the fino, the decision specified that the price of a loaf of 40 grams weighs 50 piasters, the price of a loaf of 60 grams weighs 75 piasters, and the price of a loaf of 80 grams weighs one pound.
The decision stipulated that whoever sells bread for more than the price specified in this decision shall be punished with a fine of no less than 100,000 pounds and not more than 5 million pounds, based on Article 22 bis paragraph (c) of the Law on Protection of Competition and Prevention of Monopolistic Practices No. 3 of 2005 and its amendments.
It is worth noting that President Abdel Fattah El-Sisi had directed the government to control prices in the markets and set specific prices for bread to prevent monopolistic practices and exaggerated increases in the prices of bread not subsidized by the state.
On Sunday evening, the Egyptian Minister of Supply Ali Moselhi said that the government will take measures to restore bread prices to before the outbreak of the Russian-Ukrainian war.
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