The Clap
The Central Bank of Egypt (CBE) intervened to solve the medicine imports crisis caused by the FX shortage.
What
The CBE urged the country’s banks to consolidate pending medicines and medical supplies import requests, as well as prioritized medicine imports stuck at ports, sources told Asharq Business.
So What
There’s a 40% shortage of medicine in Egypt and the government is securing 30% of the factories’ needs for raw materials. The other 70% are affected by the FX shortage, Jamal Al Leithi, Head of the Pharmaceutical Industry Chamber at the Egyptian Industries Federation, told Asharq Business.
Some Context
90% of medicine produced in Egypt are made from imported active materials, with shortages resulting from FX constraints and soaring shipping costs.
