Egypt will keep its customs exchange rate at EGP 16 per US dollar, effective Thursday 1 February, until the end of next month.

In an official statement on Tuesday, the finance ministry said the decision to keep the customs exchange rate at January level due to currency price stabilization.

“This comes as part of a plan throughout the past period by the finance ministry to set the currency exchange rate in light of the stability witnessed by the Egyptian economy,” the statement read.

In January 2018, Egypt kept its customs exchange rate at EGP 16 per US dollar, a rate which has been maintained for the last five months of 2017.

Egypt began setting a monthly customs exchange rate in January 2017, following the flotation of its currency in November 2016

The Egyptian pound has remained roughly at the same level in recent months, trading at around EGP 17.63 to the dollar on Tuesday.