Egypt’s 2019/20 budget will assume an exchange rate of EGP 17.46 to the US dollar, the government announced on Monday.

The government denied reports that the Ministry of Finance planned to adopt an exchange rate of EGP 18 to the dollar.

The ministry used the average official exchange rate announced by the central bank for the period of 1 to 15 March 2019 as a basis for calculating the estimates of the budget items next fiscal year.

The statement added that all rumours on this matter are unfounded and aim to harm the nation's economy.

Egypt's Council of Ministers has signed off on the general state budget for the fiscal year 2019/20 in preparation for discussion in parliament.

The new budget, which is awaiting approval from parliament, will go into effect starting 1 July.

Since its devaluation by almost 50 percent in late 2016, the value of the Egyptian pound has been mostly stable against the US dollar at around EGP 17.6.