Egypt : govt decides to maintain Pound/US Dollar value to 16 for specific goods

Egypt's Central Bank. Photo : RR

NEWSROOM (ADV) – Egypt says it will keep its customs exchange rate in December at 16 Egyptian pounds to one dollar regarding intermediate goods and semi-finished products like Tobacco.

“Finished products like cigarettes and cigars will be subjected to the exchange rate announced by the Central Bank,” Egyptian Finance Minister Mohamed Mait said on Sunday.

This move proves the country’s desire and tendency to support and protect the low and medium income people, as well as keeping the prices in check, the minister stressed.

Egypt has decided to keep the exchange rate of the U.S. dollar for customs unchanged at 16 Egyptian pounds, asof December 18, 2018 until the end of the month for basic and strategic goods.

The decision was made to ensure price stability and curb the inflation pressures, Mait added.

The Finance Ministry has since reviewed the rate every month.

The Central Bank of Egypt allowed in November 2016 full floating of the Egyptian local currency to limit shortage of foreign currency.

The official exchange rate of the U.S. dollar then rose from 8.8 pounds to over 17.86 pounds at the moment.

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