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Thursday, 2 March 2017

Price controls are in the past, market forces to determine commodity prices -Supply Minister

Price controls are a thing of the past -El Moselhy. Commodity prices will be set by supply and demand — and price controls are not coming, Supply Minister Ali El Moselhy told reporters yesterday, Al Shorouk reports. The minister stressed that abandoning price controls does not mean that chaos will reign in the market, saying that the ministry will guard against market manipulation. El Moselhy had said on Tuesday that the ministry and the Consumer Protection Agency were looking into building a database of products and market prices to ward against price gouging. The ministry and the CPA have also been working on amendments to the Consumer Protection Act that would force manufacturers to print tags on their products to prevent traders from jacking up prices, which sounds rather like a restraint on commerce to us (however much we loathe the nice folks at various upscale supermarkets who refuse to post the prices of their wares).

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