Cairo - Mubasher: The Egyptian Customs Authority will base its exchange rate for the US dollar on the official rate by the Central Bank of Egypt (CBE), a source told Mubasher on Wednesday.
Some traders demanded that the Customs Authority maintain an exchange rate or a fixed price for the dollar, regardless of the price in the market, but that would illegal according to our source in the Egyptian Customs.
The law obliges the customs authority to set its exchange rate by that of the CBE, when calculating its tariffs.
The electronic linkage between the customs authority and the central bank will facilitate following the foreign currency exchange rate on a daily basis, he explained
Last week, the Central Bank of Egypt (CBE) decided to float the Egyptian pound, which means that exchange rates will be decided according to the market's supply and demand, it also increased interest rates by 300 basis points.
