Chambers of Commerce: 10% increase in wholesale markets due to the dollar

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Wednesday - 9 March 2016 - 1:5 PM

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Mr. / Ali Shoukry, Deputy Chairman of Cairo Chamber of Commerce, said that the wholesale companies in the popular and specialized markets has increased 10% of new goods and products, due to unprecedented rise in the dollar, and the last decisions of Central Bank and Ministry of Industry and the decisions to import, which restricted the importation explaining that those increases are legitimate and are recorded in invoices to be included in the tax accounting.

 

He added that the wholesale markets are currently experiencing practices like stopping importation of new products, and others stop supplying goods for retailers; in preparation for raising prices between 10 and 20% on the background of the successive rises experienced by the dollar.

 

He also said that disappearance of some products from the market because of Monopolistic practices in order to raise prices which lead to a major crisis for demand and lack of supply, pointing out that what is happening now is "depriving" the market for further price rises. The price rise of dollar will be felt by the citizen within maximum the coming two days.