The Investment Authority approves falling global grain prices

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.

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.

What it means for traders

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.

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.

The figures in brief

• lower customs release costs among next quarter’s priorities
• A review of the timetable with the trade divisions
• A monthly report to the federation’s board

The Chamber had earlier launched a trader training programme on e-invoicing, taken up by more than 2,100 participants across six governorates.