Egypt keeps customs dollar exchange rate at 16.5 pounds in May

Egypt has kept the customs dollar exchange stead at 16.5 pounds per dollar, effective as of May 1st, the Ministry of Finance announced Sunday.

The new rate for May is below the market price of the dollar. The exchange rate in Egyptian banks is around 18.9 pounds per dollar.

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.

The central bank ditched its foreign exchange peg at 8.8 pounds per dollar in early November, and to help stabilise the newly-floated currency, it raised interest rates by 300 basis points.