Devaluation hurts Egyptian pharmaceutical industry
Industry sources reveal that the Egyptian pharmaceutical manufacturers have recently incurred losses due to the devaluation of the Egyptian pound against the US dollar. The rise of the dollar exchange rate had reportedly brought about a rise in production costs, according to the Egyptian Pharmaceutical Industries Association.
The association warned of rising prices for imported pharmaceutical goods and called for an urgent meeting to prevent further increases, reported Al-Hayat daily. The Pharmaceutical Industries Holding Company has also voiced concerned over the status of the local market, which plays an important strategic role in the nation’s economy.
Nonetheless, the decision to raise the price of the Egyptian from 3.95 to 4.15 pounds against the US dollar has been deemed a success by Egypt’s Central Bank. The move came as an attempt to stabilize the nation’s money market and increase trade activity. — (Mena Report)
© 2001 Mena Report (www.menareport.com)