Cairo – Egypt’s Ministry of Supply and Internal Trade (MSIT) has decided to reduce Brazilian beef prices at its points of sale by 12%, to EGP 79 (about USD 4.13 at the current rate) per kilo instead of the approximately EGP 90 (About USD 4.71) before the measure. The government of Egypt maintains points of sale to make products such as beef available to the population.
The official spokesman and assistant to the MSIT, Ahmed Kamal, said the ministry offers over 1,100 products in these consumer complexes affiliated with the ministry at prices 25% to 30% lower than those in supermarkets.
The Egyptian minister of Supply and Internal Trade, Ali Al-Maslihi, received a report from the Holding Company For Food Industries (HCFI), linked to the Ministry, on the volume of goods stocked at the Ministry’s points of sale to assess availability. The ministry spokesman said commodity prices in consumer complexes are stable, and there was a drop in the prices of some products, especially Brazilian beef, down EGP 11 (about USD 0.57) per kilo.
He explained the strategic stock of frozen beef is safe and sufficient for all the needs of Egyptian citizens. He also mentioned the modernization and mechanization of consumer complexes facilitated the monitoring of the movement of goods and intervention at any time to increase storage if demand increases.
The HCFI has 1,300 points of sale under the name of consumer complexes and operates to control market prices, as it offers products at a more significant discount than supermarkets in general. Its main goal is to balance the markets with discounts on goods and reduce the population’s cost of living with these reductions.
Translated by Ahmed El Nagari & Elúsio Brasileiro
