Egypt Keeps Customs Exchange Rate at EGP 16 per $1 in NovemberSource: www.export-egypt.com 10/30/2018, Location: Africa |
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Egypt will maintain its current customs exchange rate of EGP 16 per $1 in November, Minister of Finance Mohamed Maait said .
In a press release by the ministry, Maait said that the current rate represents 90 percent of the rate of the dollar on the banking market. The country has kept its customs exchange rate at EGP 16 since October 2017. Egypt has previously said that the unchanged customs exchange rate is attributable to the stability of the Egyptian economy. Egypt began setting a monthly customs exchange rate in January 2017, following the liberalisation of its currency in November 2016. The Egyptian pound has remained at around the same level in recent months, trading at an average of around EGP 17.9 to the dollar according to the most recent updates from the Central Bank of Egypt. |
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