Egypt to lower customs exchange rate to 16.25 EGP/USD

Reuters , Sunday 30 Jul 2017

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

Egypt will lower its customs exchange rate to 16.25 pounds per dollar from 16.50, effective from Tuesday, Finance Minister Amr El-Garhy told Reuters on Sunday.

The new rate will be set for one month, he said, in what is the first such drop in four months.

Egypt began setting a monthly fixed customs exchange rate in January following the flotation of its pound currency in November. It has since set it each month. 

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