Cairo – Mubasher: Egypt’s Ministry of Finance (MoF) on Thursday denied media reports concerning the estimated exchange rate in the country’s state budget for fiscal year 2019/2020.
Egypt’s FY 19/20 budget will be drafted on the basis of the official average exchange rate announced by the Central Bank of Egypt (CBE) between 1 and 15 March, the MoF said in a statement.
The next year budget was previously drafted on the basis of an exchange rate of EGP 18 to the dollar and an oil price of $68 per barrel (pb), Reuters reported, citing two government sources.
The planned budget has been approved by the country’s cabinet on Wednesday and referred to the parliament to be endorsed by the end of March.
The US dollar exchange rate reached EGP 17.39, according to the latest data by the CBE.
