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Egypt to keep customs exchange rate at EGP 16 to dollar in December

Ahram Online , Friday 30 Nov 2018
Mohamed Maait
FILE PHOTO: Finance Minister Mohamed Maait speaks during a news conference in Cairo, Egypt July 5, 2018. (Photo: Reuters)
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Egypt will keep its customs exchange rate steady at EGP 16 to the dollar for December, Finance Minister Mohamed Maait said in a statement on Friday

Egypt began setting a monthly fixed customs exchange rate in January 2017, following the central bank’s decision to float the Egyptian pound in November 2016.

The finance ministry has since reviewed the rate every month.

The minister said that luxury goods (including some types of fish, wines and pet food), products exempted from customs taxes, imports that have local alternatives, and a range of other selected imports will be subjected to the exchange rate announced by the central bank.

The commercial rate has remained steady over recent months, with the Egyptian pound trading at around 17.8 to the dollar on Thursday.

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