Over $1 billion worth of medicines released from Egyptian ports

Following the recent releases, the country's strategic drug reserve rose to 6-12 months, he added.

As of December, Egypt has gradually phased out curbs imposed since February on import finance due to a hard currency crunch resulting from the Russian-Ukrainian war as vast quantities of goods accumulated as a result at Egyptian ports.

Until 10 January, the Egyptian government in coordination with the banking sector announced the release of imported goods worth $8.5 billion, stressing that it is pressing ahead with efforts to accelerate the release of the remaining stranded goods to make them available in the local market.

In a call-in with Last Word (Kelma Akhira) TV show, presented by Lamis El-Hadidy on Sunday, Ouf said banks were communicating with pharmaceutical companies to help release raw materials needed for drug manufacturing.