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Issue 255, Friday 30 July 2010 - 18 Sha'ban 1431

Ramadan in Brief

Pakistan’s cabinet approves Rs 2.27 billion relief package for Ramadan
The Pakistani Federal Cabinet, with Prime Minister Syed Yusuf Raza Gilani in the chair, approved a relief package of Rs 2.27 billion on July 14, to reduce the prices of essential commodities during Ramadan. The Cabinet also constituted a committee comprising the Ministers for Commerce, Food and Agriculture, Industries and Production and Finance to review the situation with a view to ensuring its implementation and availability of essential food items to the common man at affordable prices during Ramadan.

Saudi traders hoarding stocks as Ramadan draws nearer
A number of traders have allegedly joined hands to hoard essential commodities to create an artificial price rise in the Saudi market in the coming weeks prior to Ramadan.
Two trading companies have managed to buy huge stocks of foodstuffs from one dealer, who is the sole agent of many imported foodstuffs; Al-Riyadh Arabic daily reported.
Cashing in on the current strong position of the Saudi riyal due to the depreciation of the euro and the dollar, these traders were able to buy at a cheaper price the bulk stock of commodities, especially those imported from Western countries. The sources claim that there has been an increase of more than 25% in the prices of essential commodities in recent weeks and this could double over the coming weeks before Ramadan.

Qatar moves to keep Ramadan food prices under control
Qatar has moved towards controlling commodity prices during Ramadan, the month with the highest consumption levels, by freezing the prices of at least 160 basic food and non-food items. The prices will be frozen from July 25 until September 11. The move, seen as part of the Business and Trade Ministry’s plan to help make essential items available at affordable rates to consumers, will ensure that wholesalers and retailers do not raise the prices of essential commodities during the holy month when demand for several food and non-food items goes up substantially, Qatari daily The Peninsula reported.