Egypt sets customs exchange rate at LE16 per US dollar for January

Egypt’s customs exchange rate will continue to be fixed at LE16 per dollar starting from Monday, January 1, 2018, until January 31, the Finance Ministry said Sunday.

A statement released by the ministry asserted that the decision to fix the customs dollar price comes as the exchange rate of the country’s pound currency remains stable.

Earlier in December, the ministry announced that the customs dollar rate would continue to be fixed at LE16 until December 31.

Egypt began fixing its customs dollar exchange rate and adjusting it on a monthly basis in January 2017 to help importers better cope with the pricing of their products after the country’s Central Bank floated the currency in November last year.

The Finance Ministry plans to continue reviewing the customs exchange rate every month.

Edited translation from Al-Masry Al-Youm

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