CAIRO: The Egyptian Pharmacists Syndicate has submitted a motion to the ministry of Health to increase the prices of medicines worth less than 10 EGP ($1.1) due to U.S. dollar shortage, Youm7 reported an official in the Health Ministry Saturday.
The motion has not been approved by health minister Ahmed Emad yet, who is scheduled to meet with Prime Minister Sherif Ismail and representatives of pharmaceutical companies Sunday to discuss the matter.
A total of 500 medicines were reportedly unavailable in the market nationwide due to shortage of U.S. dollar needed to import raw materials required for drug manufacture.
The Central Bank of Egypt (CBE) struggles to provide hard currency to other banks, so the importers can find liquidity. Egypt’s net international reserves reached $16. 5 billion at the end of February, 2016, CBE said in a statement Friday. The official rate is now 8.8 to the dollar while in the black marker, the rate is 9.15.