The foodstuffs division warns of falling global grain prices
Analysts expect no immediate effect on consumer prices: current stock covers market needs at least to the end of next quarter.
A number of importers argue that the proposed timetable needs a transition period of at least six months, so that small businesses can adapt their accounting systems.
The ministry’s representative stressed that the new rules aim at transparency in the supply chain rather than at fixing prices, and that breaches will go to the Consumer Protection Agency.
Where the divisions stand
The division head said the meeting examined the direct effect of the decision on supply inside the local market, and that the Chamber submitted a detailed memorandum carrying traders’ proposals on the timetable.
Every day of delay in customs release costs an importer more than any tax cut saves him.
He added that stock turnover improved by close to 12% over the last quarter, but that the cost of finance remains the first obstacle to expansion in the governorates.
What happens next
- falling global grain prices among next quarter’s priorities
- A review of the timetable with the trade divisions
- A monthly report to the federation’s board
Analysts expect no immediate effect on consumer prices: current stock covers market needs at least to the end of next quarter.
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