Cairo – Mubasher: Egypt’s minister of finance Amr El-Garhy said that customs exchange rate will be lowered from EGP 16.25 to EGP 16 per US dollar for a month due 1 September.
El-Garhy added, in a phone call with Reuters, that the customs exchange rate is used to calculate the value of fees paid by importers in the local currency for customs clearance of imported goods.
The depreciation of customs exchange rate has occurred “in line with the currency price’s downward movement over the last period,” the minister noted.
It is worth mentioning that this is the second declination of customs dollar after being determined for four months.
