Expert on introduction of strict price regulation in UAE based on Belarusian model

The United Arab Emirates has introduced strict control on price hikes based on the Belarusian model, Belarus’ Minister of Antimonopoly Regulation and Trade Aleksei Bogdanov told the STV TV channel

The official said that starting from January 2nd, the United Arab Emirates has imposed a ban on raising prices for six months for nine commodity groups: eggs, bakery products, grain, vegetable oil, poultry meat, etc.

“Of course, in conditions of global market instability and change of currency systems and so on, all these shocks negatively affect the internal processes of any country in the world. Actually, without competent state regulation, it is possible to allow such processes, when inflation will accelerate to three-digit values. We definitely cannot allow this to happen in our country,” the Antimonopoly Regulation and Trade Minister emphasised.

Mr. Bogdanov also commented on the attempts of some countries, particularly Lithuania, to introduce state regulation of prices. According to him, there are elements of state regulation in any country to a greater or lesser extent. There is no pure market model.