Algeria: A Plan to Curb Speculation and Soaring Prices

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The Algerian government is racing against time to ensure an adequate supply of goods as the month of Ramadan approaches. And he has stepped up his campaigns to reassure citizens. While threatening to sue traders who seek to market products at high prices during the fasting season. And this is in order to avoid a “Ramadan 2022” scenario, which has seen the largest price increase in the history of Algeria.

The government said yesterday that it has started assessing the supply profile of the local market and monitoring the price level of fast-moving consumer items. It is also studying ways to improve coordination between the various bodies responsible for consumer protection.

According to a government source, President Abdelmadjid Tebboune has ordered the government to hold periodic meetings until the end of Ramadan; including sectors related to markets and their supply. And this is in order to develop a plan to ensure the availability of the necessary resources and the means to curb speculation.

A few weeks before the month of fasting (next March 22), the government is working to reassure the Algerians by providing the necessary products, in particular food products.

For his part, the Minister of Agriculture and Rural Development, Abdelhafidh Hani, confirms that “complete arrangements have been made to supply the national market with the necessary products. While ensuring that they are provided in appropriate quantities, as the holy month approaches”.

In addition, the Algerian minister adds: “The objective is to cap meat prices at 1,200 dinars (8.8 dollars), by opening the import of red meat ”.

All measures will be taken to provide all commodities

For his part, the director of the organization and development of agricultural production at the Ministry of Agriculture, Abdelhakim Zarwat, confirms that in preparation for the month of Ramadan, “the government has taken all the necessary measures to provide all the basic products. And especially agricultural and nutritional, such as cereals, milk, vegetables, and fruits, in addition to white and red meat.

In addition, the government is also seeking to mobilize farmers in anticipation of the holy month. And this, by urging them to sell to wholesalers and retailers they trust, in order to avoid speculation and curb rising prices. Which have experienced a significant increase in recent days.

As for the secretary general of the Algerian Federation of Algerian peasants, Abdellatif Delami, he affirms that “the widely consumed agricultural materials will experience abundance and price stability during the holy month of Ramadan; after the rains that Algeria recently recorded”.

In a statement, Mr. Dailami also says that “economic traders and producers have finally formed a cell to organize commercial markets and pave the way for productive farmers. And this, in order to offer their products at competitive prices”.

A three-step plan

According to information obtained by The New Arab media, the Algerian Ministry of Commerce has drawn up a three-step plan to ensure price stability during the month of fasting. Markets will be created allowing the sale of consumer food and agricultural products directly to consumers. This will help lower their prices.

The second measure that the Ministry of Commerce intends to implement to combat speculation and price manipulation, is represented by the announcement of the prices at the entrance to the wholesale markets for vegetables, fruit, and meat. Indeed, an electronic board will curb the greed of intermediaries and retailers.

Finally, concerning the third stage, is limited to mobilizing thousands of monitoring agents (employees) to monitor the various commercial activities of approximately two million traders during the month of Ramadan. From wholesale and retail markets to clothing stores. This is to determine the quality, prices, and degree of compliance with the law in business practices.

In this context, the head of the Algerian Association of Merchants and Craftsmen, Hajj Taher Boulenwar, reveals that “everything indicates that prices will not increase during the holy month. And this, given the abundance of products that will be observed during this period, which is considered a season to ensure many harvests.”