Egypt maintains 16 pounds to $1 for October: minister

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Egypt will continue to maintain its current customs exchange rate of 16 pounds per $1, effective starting October until the end of next month said Minister of Finance Mohamed Maait on Saturday.

In a press release by the Ministry, Maait said that the current rate represents 90 percent of the rate of the dollar in the banking market.

The country has kept its customs exchange rate at EGP 16 since October 2017.

Egypt has previously said that the unchanged customs exchange rate is attributable to the stability of the Egyptian economy.

Egypt began setting a monthly customs exchange rate in January 2017, following the liberalization of its currency in November 2016.

The Egyptian pound has remained at around the same level in recent months, trading at an average of around 17.9 pounds to the dollar according to the most recent updates from the Central Bank of Egypt.

Source: Ahram Online