Egypt to keep custom exchange rate at EGP 16 for essential goods

Egypt will keep its customs exchange rate steady at 16 pounds to the dollar for strategic and essential goods for April, the finance ministry said on Monday.

The ministry reduced the exchange rate for unnecessary or luxury goods to 17.4 pounds to the dollar.

Egypt began setting a monthly fixed customs exchange rate in January 2017, following the central bank’s decision to float the Egyptian pound in November 2016.

The dollar was set at 16 pounds during August 2018.

The finance ministry has since reviewed the rate every month.

Source: Ahram Online