Morocco to Crack Down on Speculation After Excessive Buying

Casablanca – The government will crack down on any speculation that could affect the supply of basic products, said Minister of Trade Moulay Hafid Elalamy on Sunday, March 15, in Casablanca. All goods, Elalamy said, are available.

The government is warning buyers not to overbuy on the speculation they will be able to sell products at a higher price later.

“We have decided with the Interior Ministry to closely follow the situation and asked operators to keep us informed. We will take action when there is speculation,” Elalamy told reporters. His remarks followed a meeting on the impact of the coronavirus with supply chain professionals at the headquarters of the General Confederation of Enterprises in Morocco (CGEM).

“Now is not the time to speculate on prices,” he pointed out. “There is no need to stock [up] since all the products are available in large quantities.”

On Friday and Saturday, Moroccans flocked to stores in the wake of new cases of COVID-19. Some stores noted record sales.

The pace of consumer purchases has decreased by 40%, however, compared to the past few days. “We are on the right track. Consumers are aware that the supply of products is largely sufficient and covers for some distributors up to 6 and 8 months,” Elalamy noted.

“We are reassured about the supply of the market. However, monitoring is necessary to preserve this situation,” the minister said.

For his part, CGEM President Chakib Alj said the meeting with distributors, large and medium-sized stores, and other stakeholders in the logistics sector was an opportunity to review the country’s supply of products.

Stocks are sufficient for the coming months, he said, adding that supply chains remain under control.

Morocco has recorded 29 cases of the novel coronavirus as of Monday morning, March 16. Health authorities diagnosed the first case on March 2.

With MAP.