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Tuesday, 07 April 2020

Dollar rate set at 17.5 Egyptian pounds in Egypt budget: government sources

Reuters , Tuesday 6 Mar 2018
EGP/USD
File Photo: A customer exchanges U.S. dollars to Egyptian pounds in a foreign exchange office in central Cairo, Egypt, March 7, 2017. (Photo: Reuters)
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Egypt's 2018-19 government budget will assume an exchange rate of 17.5 Egyptian pounds per dollar, three government sources said on Tuesday.

The rate the sources cited would represent a slight strengthening of the pound, which is currently around 17.6 to the dollar.

It is a weaker rate than the rate announced by the finance ministry, which was 16 pounds per dollar.

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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