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Monday, 16 January 2023

Striking gas + price hikes coming for meds?

The talking heads honed in on Chevron and Eni’s “significant” EastMed gas find last night (more on that in today’s Energy section.) Elsewhere, the pundits aired a warning that meds could be about to get pricer on the back of the latest EGP deval and looked at new measures to subsidize bread.

The price of some meds could increase by 20-25% by the end of February after around 50-60 medicine manufacturers submitted requests to the Egyptian Drug Authority to hike prices against the backdrop of the EGP’s depreciation, Ali Ouf, head of the pharma division in the Federation of Egyptian Chamber of Commerce, told Kelma Akhira’s Lamees El Hadidi (watch, runtime: 2:36). The companies had used an exchange rate of EGP 20 / USD 1 when they determined the current prices, Ouf said.

Subsidized bread for everyone? All citizens — including those not eligible for ration cards — may soon be able to buy subsidized bread at cost, Supply Minister Ali El Moselhy told El Hekaya’s Amr Adeeb (watch, runtime: 1:12.) Consumers will be able to purchase the bread using prepaid cards that will be sold at post offices for around EGP 100, he said.

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