Egypt: Finance Ministry Fixes Customs Dollars at LE16
Source: www.export-egypt.com 10/1/2017
Egypt will keep a customs dollar rate at a fixed EGP 16 for the month of October effective the first of the month, Finance Minister Amr El-Garhy said .
In September, the customs exchange rate dropped from EGP 16.25 to EGP 16 per dollar.
The rate of the customs dollar is revised every 15 days.
Egypt began laying a monthly fixed customs exchange rate in January 2017 after the country decided to liberalize its currency in November 2016.
The official exchange rate of the Egyptian pound against the greenback is EGP 17.6, according to three major banks in Egypt surveyed.
The customs exchange is set at a rate that is slightly lower than the official exchange rate.
Last November, the CBE freely floated the pound from its fixed rate of EGP 8.88 against the dollar as part of a set of economic reforms aimed at boosting Egypt’s flagging economy.
Egypt's foreign reserves registered $36.143 billion at the end of August 2017, continuing a rising streak at pre-2011 levels for the first time since the 25 January uprising.
The reserves have been climbing since Egypt signed an agreement for a three-year $12 billion loan from the International Monetary Fund (IMF) last November.