Egypt to lower customs dollar exchange rate to 16.25 pounds/dollar –FinMin

Egypt will lower its customs dollar exchange rate to 16.25 pounds per dollar from 16.50, effective from Tuesday, the country’s Finance Minister Amr El-Garhy told Reuters on Sunday.

The new rate will be set for one month, he said, in what is the first such drop in four months.

Egypt began setting a monthly fixed customs exchange rate in January following the flotation of its pound currency in November. It has since set it each month.

Source: Reuters