Egypt maintains customs exchange rate at 16 pounds per USD

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

Maait said in press statements that the current rate represents 90 percent of the rate of dollar in the banking market.

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

Egypt has previously said that the unchanged customs exchange rate is due to the stability witnessed by the Egyptian economy.

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

The Egyptian pound has remained roughly at the same level in recent months, trading at around 17.84 pounds to the dollar on Tuesday, according to the Central Bank of Egypt.

Source: Ahram Online