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Egypt Govt to Raise Dollar Price in New Budget
Source: 3/7/2018

Three government sources anonymously told that the Egyptian government will increase the US dollar exchange rate in the new state budget for the 2018/2019 fiscal year, with the price of the US dollar climbing to LE17.5.

According to the sources, the new rate will represent a slight strengthening of the national currency, which is currently sold in banks at around LE17.6 to the greenback. “While it will be a weaker rate compared to LE16 the current price in the budget of 2017-2018 FY,”.

However, Minister of Finance’s Deputy of Public Treasury Affairs Mohamed Maiet told Egypt Independent that the government has not yet released any statements about the new budget, and the news that was reported by Reuters is the responsibility of the officials who the news service spoke with.

“The government is still working on the budget and nothing is finally set around the price of the exchange rate,” Maiet said.

Echoing Maiet, Egyptian Minister of Finance Amr al-Garhy denied the news to the local press.

Related Categories: Accounting, Statistics  Economics/Financial Analysis  General  Insurance 

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