Cairo – Mubasher: Egypt’s Ministry of Finance (MoF) announced Saturday that it will maintain the customs exchange rate for the US dollar at EGP 16 in October, or for one month, minister Amr El Garhy said.
In September, the MoF was lowered to EGP 16 after its price was fixed for four months.
The customs dollar is used to calculate the value of fees paid by importers in Egyptian pounds in order to release their products or imports from Egyptian customs.
The value of the customs USD was previously determined based on the Central Bank of Egypt’s (CBE) USD-EGP peg prior to the flotation of the Egyptian pound on 3 November 2016.
