The regional trade office took action against over 990 businesses for raising prices too much and hiding products. The head, Mr. Daniel Damtew, said these measures aim to stabilize trading in the region.
A task force stopped traders from creating market problems by raising prices and hiding products. The task force met with over 200,000 traders and the public. After monitoring, the office penalized the businesses verbally, in writing, and financially for unreasonably raising prices and hoarding.
Mr. Daniel said the traders paid over 700,000 birr in fines. He stated there are no shortages, and action will continue against those disrupting the market.
The Butajira trade office head, Mr. Habib Abdela, posted price lists and raised awareness to correct problematic traders. They penalized 10 businesses for unreasonably hiding grains and interfering with the market.
Before this, the Addis Ababa Trade Bureau had taken action against 77 businesses for a price hike in response to the recent depreciation of the Ethiopian birr against the dollar. After the recent shift to a market-driven foreign exchange rate, in the Addis Ababa Mercato market, a significant price hike was observed, with some prices rising by as much as 400 birr.
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