Cairo – Mubasher: Egypt’s Ministry of Finance said it would set the exchange rate of the US dollar against the Egyptian pound in respect to the state general budget for the upcoming fiscal year 2017 – 2018 before sending the budget to the parliament to approve it.
The ministry noted that the exchange rate of USD – EGP is set according to a group measures as well as the country’s economic conditions.
The budget deficit is expected to stand at EGP 319 billion for FY17/18, noted the ministry.
Previous news reports claimed that the sharp devaluation of the USD – EGP may increase the budget deficit in FY17/18.
