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Egypt to lower customs exchange rate to 16 pounds from Sept. 1
August 21, 2017 / 2:26 PM / 2 months ago

Egypt to lower customs exchange rate to 16 pounds from Sept. 1

CAIRO, Aug 28 (Reuters) - Egypt will lower its customs exchange rate to 16 pounds per dollar from 16.25, effective Sept. 1, Finance Minister Amr El-Garhy told Reuters on Monday.

The new rate will be set for one month, he said.

Egypt began setting a monthly fixed customs exchange rate in January following the flotation of its currency in November. The Egyptian pound traded at about 17.7 pounds to the dollar on Monday. (Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Robin Pomeroy)

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