Finance Ministry lowers customs exchange rate to EGP16.5 to USD in April
The Ministry of Finance said on Thursday it would set its customs exchange rate to c10% below the market price of the dollar for April in an effort to control inflation. "Lowering the customs exchange rate to c10% less than the price of the dollar in banks aims to decrease cost of production and rate of inflation," said the Minister, Amr El-Garhy. The customs exchange rate has been revised down to EGP16.5 per dollar from EGP17.0, effective from 1 April. The exchange rate in Egyptian banks ranges between EGP18.10 and EGP18.20 per dollar.
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