August 28, 2017 / 8:17 AM / a year ago

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

(Adds comment)

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.

Garhy said the customs exchange rate was being set at about 90 percent of the currency’s market value and the reduction is “in line with the currency price’s downward movement over the last period.”

The pound has gradually strengthened in recent weeks from about 17.95 to the dollar last month. (Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Robin Pomeroy)

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