Egypt will keep its customs exchange rate steady at EGP 16 to the dollar for strategic and essential goods for April, the finance ministry said on Monday.

The ministry reduced the exchange rate for unnecessary or luxury goods to EGP 17.4 to the dollar.

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 dollar was set at EGP 16 in August 2018.

The finance ministry has since reviewed the rate every month.