By: Mostafa Adel

Cairo - Mubasher: The Egyptian deputy finance minister for tax policies Amr El-Mounir told Mubasher that the US dollar customs exchange rate has been fixed at EGP 16.5 for a month.

El Mounir noted that the USD rate has been stable recently, which led to maintaining the customs exchange rate beginning Monday until 31 May.

In April, the Ministry of Finance (MoF) lowered the USD exchange rate to EGP 16.5 down from EGP 17 in March.

The USD customs rate was based on the official exchange rates set by the Central Bank of Egypt (CBE) prior to the decision to float the Egyptian pound and liberalise the exchange rate on 3 November 2016.

As per the data of the CBE, the USD rate in Egyptian banks averages EGP 18.02 for buying, and EGP 18.12 for selling.

Translated by: Moslem Ali