Egypt to lower custom exchange rate to 15.75 pounds per dollar

Egypt to lower custom exchange rate to 15.75 pounds per dollar
Published: 28 February 2017 - 9 a.m.
By: Reuters

Egypt will lower its customs exchange rate to 15.75 pounds per dollar from 16, effective from Wednesday, Finance Minister Amr El-Garhy told Reuters on Tuesday.

The new rate will be set for two weeks, he said.

Egypt began setting a monthly fixed customs exchange rate in January following the flotation of its pound currency in November and has since moved to set it every two weeks.

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