ePathram - News: Ministry of Economy urges economic departments to monitor market performance during Ramadan

13 June 2009

Ministry of Economy urges economic departments to monitor market performance during Ramadan

The Consumer Protection Department at the Ministry of Economy met representatives of various Economic Departments in the UAE to implement an integrated plan to ensure market price stability during the Holy Month of Ramadan.

Dr Hashim Al Nuaimi, Director of Consumer Protection Department at the Ministry, who headed the meeting, urged the departments to exert efforts to provide acceptable prices of commodities and closely watch the market performance during the Holy Month.

Al Nuaimi asked the departments to stop any attempts at price manipulation and to encourage retail outlets to offer more basic commodities at low prices. He said that the Ministry of Economy was committed to ensuring that essential commodities are not hoarded or prices manipulated.

He asked them to create awareness on best consumer practices during Ramadan. He also recommended that retail outlets interested in offering new promotions must send an official request to the concerned Economic Department to be exempted from promotion fees.

Al Nuaimi said the economic departments can hire dedicated teams to monitor the market performance to ensure price stability during the holy month.

Retail outlets representatives welcomed the Ministry’s suggestions and praised its early efforts to create price stability.

Al Nuaimi said the Ministry will have two follow-up meetings with retail outlets to ensure that supply is smooth and prices are lowered.

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