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Monday, 09 December 2019

Egypt 2019/20 budget assumes rate of 18 Egyptian pounds to dollar

Reuters , Thursday 28 Mar 2019
pounds
An employee counts Egyptian pounds at a foreign exchange office in central Cairo, Egypt, March 20, 2019. (Photo: Reuters)
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Egypt’s 2019-2020 budget will assume an exchange rate of 18.00 Egyptian pounds per U.S. dollar and an oil price of 68 dollars a barrel, two government sources told Reuters.

The government has allocated 52.8 billion Egyptian pounds to fuel subsidies, down from 89 billion in previous budget, the sources added.

The pound halved in value after Egypt floated the currency in November 2016, and has barely strengthened since then despite an improvement in some economic indicators.

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