Up To EGP 3 Million New Fines For Strategic Goods Hoarding

The parliament’s recent approval of amendments to the Consumer Protection Law marks a significant step towards implementing stricter regulations aimed at safeguarding consumer interests. Among the key changes introduced is the adjustment of fines, with the minimum penalty now set at 150,000 pounds and the maximum at 3 million pounds.

Additionally, businesses found in violation of these regulations could face closure for a duration not exceeding six months.

These amendments come as a direct response to the growing concerns voiced by consumers regarding the scarcity of essential goods in the market. With reports of hoarding becoming increasingly common, authorities have recognized the urgent need to address this issue.

By imposing stricter regulations and penalties on individuals or entities found to be engaging in hoarding practices, the government aims to ensure fair access to essential goods for all consumers.

Through these enhanced consumer protection laws, authorities seek to prevent monopolistic behavior that could potentially hinder the availability and affordability of products for the general public.

Recent weeks have seen a surge in complaints regarding the shortage of sugar and other vital commodities, prompting swift action from the government to mitigate these concerns and restore stability to the market.

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