(MENAFN - Daily News Egypt) Egypt's cabinet announced the establishment of a new committee headed by Prime Minister Sherif Ismail to set profit margins for essential goods and commodities whether local or imported. According to the resolution statement that was released on 9 October, the committee will be responsible for deciding the appropriate means to set profit margins for all essential goods, while being connected with an advanced pricing system developed in collaboration with the Federation of Egyptian industries (FEI) and the Federation of the Egyptian Chambers of Commerce (FECOC). News of the committees' establishment comes just after President Abdel Fattah Al-Sisi's promise that essential goods prices will be preserved no matter the circumstances; a promise that might prove difficult as the government tries to control prices by monitoring the market. The committee will include ministers of finance, investments, trade and industry, and supply. 'We didn't decide the mechanism of collaboration with the [new]committee yet,' said Yehia Kassab, head of the grocery section of Giza's Chamber of Commerce.

Source: Daily News Egypt October 19, 2016 16:30 UTC