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Egypt : CBE provides $120m to banks operating in Egyptian market to cover pharmaceutical product import requests
Publish Date : 20-May-2016
On Tuesday, the Central Bank of Egypt (CBE) provided banks operating in the Egyptian market with $120m, through the regular weekly tender in which the CBE sells dollars to banks.
The CBE urged banks to cover their customers requests with the US dollars they obtained from the weekly tender, as per the assistant general manager of the financial sector at a private bank operating in Egypt, Osama El-Menilawy.
He said, the tender will only cover the import requests of pharmaceutical products, medicines manufacturing components, vaccines, chemicals related to drugs, and baby milk.
The CBE provided the US dollar at a price of EGP 8.78, the same level for the US dollar price in March 2016. Banks will be selling it to customers at a price of EGP 8.88.
The CBE cancelled the quota system again, the system which allows the banks to obtain specific shares of the dollars that are sold through the weekly tender by the CBE.
The CBE collected the banks requests for dollars, and later provided specific amounts to them.
