By: Mostafa Adel

Cairo - Mubasher: The head of the importers division at the Cairo Chamber of Commerce told Mubasher that there are currently negotiations with the ministry of finance (MoF) to review the fixed customs exchange rate for the US.

It is not reasonable for the customs rate to be set at EGP 18.54, with importers bearing the difference of nearly EGP 2 per dollar compared to the current exchange rate at banks, said Ahmed Shiha.

Today the USD registered EGP16.45 for selling at the Development and Agricultural Credit Bank and the Bank of Alexandria, and EGP 16.55 for buying.

A source at the MoF revealed that a ministerial decision is needed for the official customs exchange rate to be changed, which is not likely to happen, the source noted.

The source expects the ministry of finance to adopt the official market rate approved by the Central Bank of Egypt (CBE), with the customs rate being used only in case the USD exceeded the specified level, at the beginning of each month.

Translated by: Moslem Ali