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

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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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