Egypt maintains customs exchange rate at 16 pounds per dollar in January 2018

Ahram Online , Sunday 31 Dec 2017

Egyptian pound to US dollars (Photo: AP)

Egypt will maintain its customs exchange rate at EGP 16 per US dollar, effective Monday, till the end of January 2018.

In an official statement on Sunday, the finance ministry said the decision to keep the customs exchange rate fixed comes due to the currency price stabilization.

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

In December, Egypt kept its customs exchange rate at EGP 16 per US dollar, a rate which has been maintained for the last four months of the year. 

Egypt began setting a monthly fixed 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 17.69 to the dollar on Sunday.  

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