Egypt to keep customs dollar exchange rate at 16 pounds in August

Egypt will keep its customs exchange rate steady at 16 pounds per dollar for the strategic and essential commodities during July, the Ministry of Finance announced on Thursday.

The custom dollar for non-essential products will be at 16.6212 pounds.

By the end of November, Egyptian Minister of Finance Mohamed Maait said the custom dollar would be increased to 18 pounds for non-essential products to meet the exchange rate of foreign currency at banks, including cars, some kinds of shoes, furniture and cigarettes.

The custom dollar is the price by which the proportion of customs duties and taxes on imports of goods from abroad are calculated.

Egypt began setting a monthly fixed customs exchange rate in January, following the flotation of its pound currency in November 2016. It has since set it each month.