The Central Bank of Egypt (CBE) has sold USD120mn at the official rate (EGP8.8) at yesterday’s auction to partially cover import needs for pharmaceutical products, ampoules and infant milk, where the CBE is reported to have guided commercial banks to prioritise the needs related to pharmaceutical products and infant milk since Ramadan, given the sharp shortage in the market, according to a number of sources in private banks. Pharmaceutical products top the waiting list for Letters of Guarantee in banks, as despite the CBE’s previous efforts, the FX resources have not been enough to fulfill the pharmaceutical importers needs, according to Tamer Youssef, Head of Treasury at a foreign bank operating in the Egyptian market. (Alam Al Youm)