ICEC

Egypt says to lower customs exchange rate to 15.75 pounds per dollar from 16

Egypt will lower its customs exchange rate to 15.75 pounds per dollar from 16, effective from next Wednesday, Minister of Finance Amr El-Garhy told Reuters on Tuesday.

The new rate will be set for two weeks, he said.

Egypt began setting a monthly fixed customs exchange rate in January following the flotation of its pound currency in November and has since moved to set it every two weeks.

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