2024-02-24 20:52:00
10:52 PM Saturday February 24, 2024
An official reveals the date of the decrease in commodity prices
Books – Muhammad Amara:
Alaa Ezz, Secretary General of the Federation of Chambers of Commerce, said that commodity prices will begin to decline following two weeks; As a result of the successive declines in the price of the dollar in the parallel market following the signing of the Ras El Hekma deal.
Ezz added to Masrawy that the decline in the price of commodities in the coming days will occur at varying rates depending on the dollar component of each commodity.
The Secretary-General of the Federation of Chambers of Commerce explained that oils, for example, have 90% dollar components and will decrease in a way that reflects the decline in the value of the dollar, and feedstuffs will also decrease in accordance with their dollar components.
Ezz confirmed that the goods will decrease following two weeks, although it is normal for them to decrease following 3 months from now, which is the duration of the import cycle. This is due to the presence of a large amount of goods at the ports awaiting release with the provision of dollar liquidity.
It is noteworthy that the Egyptian government signed a contract to develop the “Ras Al-Hikma” project in Emirati partnership, and investments were estimated at regarding 150 billion dollars during the project’s development period, which includes pumping regarding 35 billion dollars in direct foreign investment to the treasury within two months.
Dr. Mostafa Madbouly witnessed the signing ceremony of the partnership contract during a celebration in the New Administrative Capital, during which he confirmed that the deal is “the largest direct investment deal in the history of Egypt.”
After the deal was announced, the price of the dollar witnessed a collapse in the parallel market, as it recorded today the level of 49 pounds following achieving record levels during the last period and reaching more than 70 pounds, and consequently gold prices witnessed sharp declines as well.
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