02/09/2003
Al-Alam Alyom Newspaper 2003/SEPTEMBER/02
Merchants denied accusations that they are the main reason for the increase in prices. Head of garments in Cairo Chamber of Commerce, said that merchants must not be condemned for the increase in prices, since garments rely on Egyptian cotton, and the government increased the prices of cotton for farmers. Head of the Grocery Merchants in the Chamber, accused importers and producers of causing increase in prices. The Grocery Merchants Head indicated that importers and producers caused the increase of prices of foreign currencies, and increased the prices of merchandise in warehouses. Dr. Nader Riad disapproved the idea of a conspiracy from the commercial sector to increase profits at the expense of the consumer, He also confirmed that in the presence of the current fierce competition between merchants, abundance of production, and the absence of monopoly, there cannot be room for manipulation of the market and deliberate increase in prices. He called upon the active intervention of the Central Bank, to stabilize the rates . ( Available in Arabic – German in PDF )
Merchants denied accusations that they are the main reason for the increase in prices. Head of garments in Cairo Chamber of Commerce, said that merchants must not be condemned for the increase in prices, since garments rely on Egyptian cotton, and the government increased the prices of cotton for farmers. Head of the Grocery Merchants in the Chamber, accused importers and producers of causing increase in prices. The Grocery Merchants Head indicated that importers and producers caused the increase of prices of foreign currencies, and increased the prices of merchandise in warehouses. Dr. Nader Riad disapproved the idea of a conspiracy from the commercial sector to increase profits at the expense of the consumer, He also confirmed that in the presence of the current fierce competition between merchants, abundance of production, and the absence of monopoly, there cannot be room for manipulation of the market and deliberate increase in prices. He called upon the active intervention of the Central Bank, to stabilize the rates .