Egypt to maintain customs exchange rate at EGP 16 per $1 for sixth month in a row

Ahram Online , Wednesday 28 Mar 2018

File Photo: Egyptian pound to US dollars (Photo: AP)

Egypt has decided to maintain its current customs exchange rate of EGP 16 per $1, effective in April, for the sixth month in a row.

In an official statement on Wednesday, Egypt's finance ministry said the unchanged customs exchange rate is due to the stability witnessed by the Egyptian economy.

The country has kept is customs exchange rate at EGP 16 since October 2017, continuing to maintain it until March.

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 17.69 to the dollar on Wednesday.

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