The customs authority's decision to increase reference prices of imported goods is facing backlash from importers, who say the increase will harm customers.
The Cairo Chamber of Commerce said it submitted an urgent memorandum on Saturday to Prime Minister Ibrahim Mehleb after receiving importers' complaints about the 500 percent increase in the reference prices of all goods except for food commodities.
“We demanded in the memorandum that the decision be canceled and indicative prices be raised gradually and be declared in advance,” said Ibrahim al-Araby, head of the chamber.
Araby also revealed having held a meeting with importers from across the provinces. He warned against preventing access of goods estimated at LE1 billion and called for a return to the old system regarding reference prices. He stressed that holding goods is not in favor of the market as the costs of storage will be counted by the foreign navigational companies in US dollar.
Meanwhile, the customs authority’s technical office said importers will not be harmed by the decision, following talks with Mehleb and finance ministers and trade and industry ministers.
Edited translation from Al-Masry Al-Youm
