Sokhna Port on the Red Sea (Reuters)
Egypt will maintain its current customs exchange rate of EGP 16 per 1 US dollar, effective until the end of March.
In an official statement on Tuesday, the finance ministry said the decision to maintain the customs exchange rate from previous months was due to a stabilization of currency price.
“This comes as part of a plan by the finance ministry in the past period 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 figure which had 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.