Egypt to keep customs exchange rate at 16 pounds in December: ministry

Egypt will keep its customs exchange rate steady at 16 pounds per dollar for December, the finance ministry said in a statement on Wednesday.

“The decision is consistent with the currency price stabilisation in the past period,” the statement said.

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.

The pound has remained roughly at the same level in recent months, trading at around 17.65 to the dollar on Wednesday. Source: Reuters